Buying vacant land in Michigan can be difficult if you do not know who to turn to for financing. Riverbank Finance offers mortgage options to purchase raw, unimproved land in Michigan, with financing options up to 80% of the land purchase price. We finance the land only — including large acreage parcels. Unlike our broader Michigan land loan program, this program is specifically for parcels with no existing structures.
For more information on Michigan Vacant Land Loans, call 800-555-2098.
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About Michigan Vacant Land Loan
Several banks and mortgage lenders these days do not offer loans on unimproved land or raw land, as it has become more risky for investors. If a borrower is not able to afford the payments and the bank must foreclose, it may be harder for the bank to sell the land because fewer people are buying land to build homes.
Since vacant land or raw land comes in different forms, people use their property for different purposes. Riverbank Finance LLC offers financing for land that some buyers use as a home site to build a future home, and others use for recreation such as fishing or hunting land. (Land intended for farming — small hobby farms or large acreage farms — is generally better suited to our farm loan program, which finances the land only and does not finance equipment.)
Vacant Land Loan Financing Terms
Our Michigan vacant land loan program includes long-term, fixed-rate financing options. To get started or discuss your scenario, call us at 800-555-2098.
Michigan Vacant Land Loan Option
- Vacant Land loans
- Construction land loans
- Farm Land Loans — land only, hobby farms and large acreage
- Subdivision land loan for builders
- Agriculture property loans
- Mobile Home Loans
- Hunting Land Loans
Construction loans are still available for construction of your new home. We offer construction-to-permanent loans so you do not need to pay closing costs twice. Most construction loans require an initial loan and a separate end-cap loan for permanent financing; our construction program is one loan with a single closing.
Vacant land loan mortgage rates
Call Riverbank Finance today to discuss your options for vacant land loans in Michigan at 1-800-555-2098, or see our related Michigan land loans page for a broader range of acreage financing.
What's the difference between a vacant land loan and a Michigan land loan?
A vacant land loan is specifically for raw, unimproved parcels with no existing structures. Our broader Michigan land loan program can also cover land with a cabin or cottage where most of the value is in the land itself.
Can I build a home on vacant land I finance?
Yes, many buyers purchase vacant land with the intent to build later. If you're ready to build now, ask about our construction-to-permanent loan, which combines the construction loan and permanent mortgage into a single closing.
Do you finance equipment or structures on vacant land?
No. Vacant land loans finance the land only. For farming land (hobby farms or large acreage farms), see our farm loan program, which also finances the land only and does not finance equipment.
Ready to talk about a Michigan vacant land loan?
Call us at 800-555-2098 or apply online today!
Apply Now 800-555-2098