Land Loans

Serving the states of OK, KS, MO & AR
Get Pre-qualifiedCall 405.348.9919

Locally Owned | Local Experience | Local Community Lender

33+ Years in Business

About Spurr Zero Down Land /Lot Loans

At last, a Land/Lot loan lending program was created specifically to help buyers finance land or a residential Lot with NO Down Payment.

  • Spurr Mortgage is a locally owned Oklahoma Mortgage that’s been in business since 1990 with a trusted reputation.
  • We have been helping buyers finance land and lot loans at 100% financing for 15 years.
  • Once you submit your information at the Apply Now link, you will receive immediate attention and see how easily you can get a no-down land loan.

Please consider reviewing the questions about financing a Land/Lot loan below.

People Also Ask

If I am self-employed, can I get a land loan using my Bank Statements and not my Tax returns?

Self-employed borrowers can now secure a land loan with just their bank statements.

You must be self-employed and provide sufficient funds to handle the payments by verifying collected funds in your last 24 months’ Bank Statements.

Max 95% Loan-to-value

No Tax Return Required

No Mortgage Insurance

650 Minimum Credit  Score

 

 

What Credit Score is needed to get a 100% or a 95% / % NO Down Payment loan to buy land?

For a 100% land loan, you must have a 680 minimum credit score. For a 95% or 5% down payment, you must have a credit score of 650.

Can you finance a house on unimproved land you already own?

Yes, a 12-month One-Time Close Construction loan is available for a 30-year home mortgage at any time after the land is purchased. In addition, any land equity after the purchase can be applied toward your down payment for a home loan.

How to qualify for a 15-year mortgage for buying a Lot or Land loan?

We start by taking an application, pulling credit, and collecting required documents to help you decide if the 0% or 5% Land Loan is the best option for you and your plans. The next step is to get under contract.

How much do you have to put down on Land/Lot or acreage in Oklahoma, Kansas, Missouri, or Arkansas?

Two options, a down payment of ZERo is required for a 100% No Down Payment 15-year fixed amortization land loan in Oklahoma, Kansas, Arkansas, and Missouri.

The second option is a minimum 5% down payment for 15 years with a fixed interest rate in Oklahoma or Kansas.

What is the difference between a Land Loan and a Home Loan?

A land loan works like a home mortgage, such as needing a good credit score, appraisal value meeting the sale price, and a clear Title Insurance Policy before we can close the transaction.

Can a residential Unimproved or Improved Land/Lot be purchased with No Down Payment?

Yes, unimproved or improved Land/lots can be financed with or without utilities.

What is the difference between a Land/Lot loan and Acreage/Land loan?

A Lot loan is generally provided for residential purposes in urban areas. An Acerage Land loan is typically outside the Urban areas and has more acres than a City Lot.

Can I buy land and build later, or do I have to build immediately?

You can build when it is best for you. No required time frame to build or not to build with either loan. Can keep just as Land or build. Once you have the equity or available cash, you can build on your land.

How to build a house on Acreage or raw Land, or a Lot with no money down?

You can use the equity in your land towards a Down Payment or your own money towards a Down Payment to build a house. You will need a 10% Down Payment or land equity to use a One-Time Close Construction loan.

Before financing a 95%/5% Down Lot or no-down-payment Land loan, how much money should you save?

To qualify, we must verify that you have 5% of your Sales Price and closing costs, such as a Title Policy, Appraisal fee, Survey, and Origination fee. All costs will be due at closing except for an Appraisal fee that is due upfront.

Can the Land or Lot already have a structure on-site?

The property cannot have a human-habitable structure. No money value can be given to a structure in the appraised value. The appraisal will be valued on land only.

What are the Minimum and Maximum loan amounts?

With the 100% Land/Lot Land loan, the maximum loan amount is $259,000, and a minimum of $50,000 loan amount with mortgage payments amortized over a 15-year term of equal monthly payments for the first five years and covert to an ARM for the remaining years.

With a 95% LTV or 5% down Land Loan, the maximum loan is $726,000 with a minimum of $50,000 and is a straight 15-year amortization but no more than 100 acres.

Can I finance a Land/Lot if I have filed for bankruptcy?

With the 100% No Down Payment loan program, No bankruptcy within (10) ten years.

With the 95% LTV or 5% down loan program, No bankruptcy from the discharge date within four (4) years. Extenuating circumstances can be considered.

Can I use Lot/Land for Business, Farm/Ranch?

No, these programs are considered commercial loans.

If I am self-employed, can I get a land loan using my Bank Statements and not my Tax returns?

Self-employed borrowers can now secure a land loan with just their bank statements.

You must be self-employed and provide sufficient funds to handle the payments by verifying collected funds in your last 24 months’ Bank Statements.

Max 95% Loan-to-value

No Tax Return Required

No Mortgage Insurance

650 Minimum Credit  Score

 

 

Richard Spurr

Richard Spurr – Senior Land Specialist

If you want to learn more about Zero Down Land/Lot loans, call 405-348-9919  Richard Spurr.

Whether you prefer to talk in person, on the phone, or simply complete an application online.

Apply Now

What is a One Time Close Construction Loan?

Traditionally, new construction has been done in three phases:
1. Loan to purchase the land
2. Loan to fund the construction and then finally
3. Converting to a 30- or 15-year permanent loan.

What are the benefits of One-Time Close Construction Loan?

In today’s rising interest market, you will be able to:

  • Get a loans amount up to $726,200.
  • Loan to Value up to 90%.
  • Qualify only once!  With only one Appraisal!
  • Interest Only Payments during Construction phase.
  • Take up to 12 months to build.

Pay Closing cost is only once! Saving thousands in upfront expenses.  LOCK IN YOUR INTEREST RATE TODAY!

Loan is serviced right here in Oklahoma.

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