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TYPES OF LAND LOANS, LTD considered:
Raw Land Loan refer to entirely undeveloped area with no electricity, sewers or roads.
Requirements for approval:
Unimproved Land Loan tends to be more developed but it is similar to raw land. Unimproved land, sometimes, has some utilities and water, but it typically lacks an electric meter, phone box and natural gas meter.
Requirements for approval:
Improved Land Loan has access to things like roads, electricity and water.
Requirements for approval:
Raw Land Loan refer to entirely undeveloped area with no electricity, sewers or roads.
Requirements for approval:
- Applicant needs a to put down payment of 25% or more.
- Applicant should create a solid detailed plan for how they want to develop the land.
Unimproved Land Loan tends to be more developed but it is similar to raw land. Unimproved land, sometimes, has some utilities and water, but it typically lacks an electric meter, phone box and natural gas meter.
Requirements for approval:
- Applicant needs a to put down payment of 15% or more.
- Applicant should create a solid detailed plan for how they want to develop the land.
Improved Land Loan has access to things like roads, electricity and water.
Requirements for approval:
- Applicant needs a to put down payment of 5% or more.
- Applicant should create a solid detailed plan for how they want to develop the land.
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