Michigan is well known for its amazing summers and beautiful winters. Whether you are a sport enthusiast interested in buying recreational land, a farmer looking for a farm land loan or a plan to build a new home and want to buy your home site land while property is cheap, you will need to know what the requirements are for a land loan in Michigan.
These days there are not many lenders that offer land loans in Michigan because they are more risky than conventional mortgages for banks and lenders. Not as many people are buying land to build homes because fully built homes are selling at a discount due to high foreclosures in Michigan. If the bank has to foreclose on a land loan in Michigan then they may not be able to sell the property quickly like they can a stick built home.
Most of the land loans done these days pool back to the same source of investors used by Riverbank Finance LLC. It is a co-op that requires that you become a member to get a land loan in Michigan. Even small local banks, and local lenders are not able to match the low interest rates for land loans that Riverbank offers.
Michigan Land Loan Types
Riverbank is an established mortgage lender in the state of Michigan and specializes in Michigan land loans. They offer Vacant Land loans for as little as 35% down with a 30 year fixed mortgage. Other land loan options include 15 year fixed, 3 year adjustable mortgage (ARM), 5 year ARM or even a 10 year ARM.
Land Loan Types include:
Vacant Land Loans in Michigan
Farm Land Loans in Michigan
Michigan Home site land Loans
Hunting Land Loans in Michigan
Agricultural Loan Loans in Michigan
Other land loan types may be available upon request from a Riverbank loan officer.
Michigan Land Loan Requirements
The requirements for land loans in Michigan are somewhat more difficult than a conventional mortgage. Our investors require that you have assets for your down payment, good credit scores and stable income.
Detailed Requirements:
Debt to income ratios up to 41% of gross income
35% down payment or equity in the property
2 year employment history
680 Minimum Transunion Credit Score
No Cash Out Refinancing
No seller paid closing costs
You may not financing in your closing costs
If you want additional information on Land Loans in Michigan visit our Michigan Land Loan page by clicking the link or call a Riverbank licensed loan officer at 1-800-555-2098.