Land Loans
At Listerhill Credit Union, you can obtain a low-interest land loan to cover the costs of purchasing a plot of land for your home or business needs.
- Competitive, low-interest rates
- Flexible loan terms up to 20 years
Land Loans
| Land Loan | as low as 7.25% | 20 years |
* All rates and terms are subject to change without notice.
All loans and credit cards subject to credit approval; Actual rate will be determined by the credit worthiness of the borrower. Other restrictions may apply. Rates are subject to change without notice. Equal Housing Lender.
When qualifying for a land loan, we will take a look at your financial background to determine whether you have the profile to support qualifying for a loan.
A down payment: Listerhill requires a 15% down payment for land loans.
Home details: Your lender will also want to view the details around your land and the land plan, confirming that it meets all zoning and land-use restrictions.
Debt to income ratio: We will review your debt to income ratio (DTI) to ensure you don’t have more debt than your income can manage. A recommended DTI, including your mortgage payment, is no more than 43%.
Steady income: Whether you’re self-employed or have a W2 job, we want to ensure that you have a stable work history showcasing your likelihood of being able to afford your property now and in the future. Two years of consistent employment are typically required to qualify for a land loan.
Credit history: Your credit score is a significant indicator of your financial responsibility. We will review your credit history and credit score to determine whether you have the background that showcases your ability to manage payments.
Ultimately we will take a look at your full profile and speak with you directly if needed to help you qualify for a land loan.
Frequently Asked Questions
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What is a land loan? A land loan provides you with financing to secure a lot of land and cover the costs for up to 20 years. With Listerhill, you can get a loan on unimproved land.
Once you’re ready to build, you can secure a different type of loan to cover construction costs.
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What information should I know before securing a land loan? When you purchase land, you want to ensure that it can be used for the desired purpose. That involves having certain information about the land in advance, such as the items listed below:
- Land survey to know the boundaries of the property
- Property easements so you know who has permission to enter or use your land for sewer pipes or cable wires
- Title search to see what easements are on your land
- Zoning laws to determine whether the land is zoned for residential use, commercial use, or another option
- Flood hazard risk, so you’re aware of any extreme weather risks
- Appraisal so you know the value of the land compared to similar options
Listerhill has consistently been rated in the top tier for overall satisfaction by our members. While we hope you find the information you need online, we'd be happy to talk with you about questions you may have. Call us at (256) 383-9204 or 1-800-239-6033 for friendly, local assistance. Or even stop by one of our branches for personal service.
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