STEP 5: Buying the Land

STEP 5 – If you are Buying the Land

Your Loan Consultant will need to talk with your real estate agent before an offer is made. The land does not have a separate closing. The land contract is closed and funded along with the construction contract.

Land Contract Contingencies:

  • Minimum of 90-day closing of escrow
  • Minimum 60 days for appraisal contingency
  • Minimum of 45 days for inspection contingency
  • Title & Escrow Company is builderโ€™s choice if possible

Land Seller must be flexible for extensions if needed.

If a Septic System is to be installed, make sure the land seller provides a recent percolation test. Also make sure boundary lines and corners are properly marked and documented.

Send executed Land Contract and any Addendums to Loan Consultant once offer is accepted.


Step 5 - If You Are Buying Land

 

 
 

ONE-TIME CLOSE CONSTRUCTION FINANCING

The One-Time Close Construction Loan is a home mortgage that can be used by the borrower to close both the construction loan and the permanent financing of a new home at the same time. ย The loan is closed one-time, upfront, before any construction begins simplifying the process and saving money.