Home or Land Purchase Loan Options
Whether you’re looking for a plot of land to build a home on, hold onto as an investment, or use for farming or other business purposes, understanding the borrowing process is essential, since it differs from regular home loans.
Land falls into two categories: improved and raw (unimproved).
The improved land has some developments on it, which could be anything from buildings, utilities, sewage systems or driveways.
Conversely, raw land is in its undeveloped, natural state.
It can be an excellent option for farming. If you’re looking for land for construction purposes, improved land may be easier to work with.
Location is perhaps one of the most significant factors to look into.
Buying land in a “hot” or developing area can remarkably increase your chances of turning a profit on resale.
Before you make an offer, check on the land survey, property easements, title search, zoning laws, flood hazard risk, and value.
At Blackhawk Bank, we want your land purchase to be a rewarding experience, and we are here to help the best way we can.
First-time Home Purchase
A first-time home purchase can be an exciting journey. At Blackhawk Bank, we understand how daunting it can be to apply for your first mortgage loan and navigate the complex housing market.
This is why our team is committed to making your home ownership journey as seamless as can be. Your mortgage banker will be there to answer any questions you may have along the way.
When borrowing a mortgage loan, it pays to be cautious. It's not uncommon to qualify for more than you can comfortably afford.
You can use our mortgage calculator to find out how much you could afford. Prequalification gets you started, and pre-approval makes it official but both show you’re a serious buyer.
This is the time to organize yourself. You’ll be required to provide proof of employment, how much you earn, account balances, and monthly debts when applying for financing.
When you work with Blackhawk Bank, you can rest assured that the loan offered is the exact loan you’ll receive. We stand behind our commitment letter 100 percent. This means that you are guaranteed financing at closing.
As such, all the parties involved can trust that deal will go through no matter what. In fact, we’ll pay you $1,000 for your trouble if it doesn’t go through.
New Home Construction
For some individuals, their dream of owning a home is all about a brand spanking new house and nothing less will do. Buying a new construction home gives you that great feeling of being the first and only occupant of the home.
You are offered a certain degree of customization in choosing appliances, new materials, and finishing touches.
Your new home should be more energy efficient and require less maintenance over the years. Also, a new home can be built to your exact tastes, a semi-finished home in a subdivision that you have the ability to make few final customizations or can be a fully completed spec house.
Housing developments and subdivisions, to be specific, do not offer a lifestyle that suits every individual. When evaluating whether new construction is right for you and your family, you should consider several factors, including, homeowners’ association rules, the similarity of the homes, local zoning plans, and possible ongoing construction in the community.
Once you’re all set to buy, our Mortgage Bankers, who specialize in new construction, will help you easily compare loan options and navigate the financing process.
From identifying the perfect piece of land to the construction and move-in, you’re guaranteed a special advantage when you acquire your lot and permanent mortgage financing from Blackhawk Bank.
If you’re a buyer looking to purchase a first-time home, construction home, or land, Blackhawk Bank can help.