Riverbank specializes in Michigan land loans for vacant land, hunting land, farm land, and home site purchases. We finance the land only — including large acreage — and can help you purchase or refinance acreage across Michigan. For dedicated farm-land scenarios, see our farm loan page; for raw parcels with no structures, see our vacant land loan page.
For more information on Michigan Land Loans, call 800-555-2098.
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What is a Michigan Land Loan?
A Michigan land loan is a mortgage loan for real estate property without a livable home already on it. The property may be a home lot or large acreage used for hunting or recreation. This general land-loan category is broader than our vacant land loan program (which is for raw, unimproved parcels) and our farm loan program (land-only financing for hobby farms and large acreage farms) — it may allow for structures such as a cottage or cabin as long as most of the value is in the land and not the structures. These properties are handled on a case-by-case basis and may need underwriting approval.
Uses of a Michigan Land Loans:
Michigan land loans may be used to buy vacant land to build a future home or to finance hunting land, farm land or even waterfront properties on a lake. There are not many alternatives to Michigan Land Loans because conventional financing simply does not allow for financing real estate without residential structures. A land loan may be perfect to buy the family farm or to purchase the hunting grounds that your family has hunted on for generations. Call a Michigan land loan expert at 800-555-2098 to review your loan scenario.
How to Qualify for a Michigan Land Loan
Qualifying for a Michigan land loan has strict requirements that a borrower must meet to be eligible for financing. Unlike a conventional home loan, Michigan Land Loans offer very little room for flexibility on the basic requirements. If you do, however, meet the basic requirements then qualifying for a Michigan Land Loan may be very easy in comparison to a conforming mortgage as overall documentation is limited. You may not even need an appraisal report!
Land Loans in Michigan have the following qualifications:
- 20% Minimum Downpayment
- 40% Debt-to-Income Ratio (DTI)
- 660+ Credit Score
- No Recent Bankruptcies
- No Recent Foreclosures
What Items will I need ready to be eligible for a Michigan Land Loan?
As with many types of residential real estate loans, Michigan land loans require documentation of income, job history, assets, credit history and information on the real estate being purchased. You may be asked to provide paystubs, w2 statements, tax returns, bank statements, and any retirement account statements that you may have. A property appraisal may be required if the value cannot be easily determined by your loan underwriting. Other qualifications may be necessary for financing eligibility.
Michigan Land Loan Options
- Vacant Land loans – Vacant Land with no structures
- Construction land loans – Build a new home
- Farm Land Loans – Land-only financing for hobby farms and large acreage farms
- Subdivision land loan for builders – Homesite Lot Loan
- Agriculture property loans – Agricultural and Farm land loans
- Mobile Home Loans – Land for mobile homes and manufactured homes
- Hunting Land Loans – Financing for hunting land
The sky may be the limit when it comes to land financing however the aforementioned loan options are the top reason that why people get land loans in Michigan. If you have other needs then we may be able to help. Simply request information below and provide detailed information about your financing needs and we will be glad to work with you to review all available financing options that may fit your situation.
Land loan terms include:
- 30 Year Fixed Rate Mortgage Loan
- 15 Year Fixed Rate Mortgage Loan
- 10 Year Fixed Rate Mortgage Loan
- 5 Year ARM
- 3 Year ARM
- Variable Rate Mortgage
Our Michigan land loan program includes long-term, fixed-rate financing options. To get started, call us at 800-555-2098.
Ready to talk about your Michigan land loan?
Call us at 800-555-2098 or apply online today!
Apply Now 800-555-2098