Land Loans

Serving the states of OK, KS, MO & AR

Locally Owned | Local Experience | Local Community Lender

35+ Years in Business

🏡 Land Lending Insights

Spurr Mortgage has decades of experience offering two primary land loan options in Oklahoma, Kansas, Missouri, and Arkansas, along with a deep understanding of the unique financial challenges faced by buyers seeking a land loan.

💰 Two Flexible Land Loan Programs

Feature	100% No Down Payment Land Loan	95% LTV (5% Down Payment) Land Loan
Minimum Credit Score	680	650
Term	15-year fixed for 5 years, then converts to ARM	Straight 15-year fixed-rate
Loan Amount	Minimum: $50,000 Maximum: $500,000	Minimum: $50,000 Maximum: $806,500
Acreage Limit	No Acreage Limit	Up to 100 acres
Bankruptcy History	None within 10 years	None within 4 years (extenuating cases considered)
Survey of Land	No survey unless required	Boundary survey required unless surveyed within the last 120 days.
DTI	Debt-to-Income Ratio 38%	Debt-to-Income Ratio 50%

❓ People Also Ask:

🏦 Why Get Pre-Approved or a Commitment Letter First?

You don’t need to find your perfect piece of land before getting started!
By securing a pre-approval, you’ll gain a clear understanding of your ideal budget, allowing you to shop with confidence and make informed decisions.

🏠 Land Loan vs. Home Loan

A land loan works similarly to a home mortgage, requiring a good credit score, appraisal, and clear title.

💼 Show Sellers You’re a Serious Buyer

A pre-approval letter is an official commitment from your lender that demonstrates you’re financially ready to close.
In today’s competitive real estate market for land, a commitment letter can set you apart from other buyers who haven’t yet taken this critical step.
Getting pre-approved early helps streamline the process once you’ve found the right
property–saving you time, reducing stress, and improving your negotiating position
We perform a soft credit check — it doesn’t appear as an inquiry or affect your score.

📑 We make getting Pre-Approved simple. Just provide supporting documents such as:

Bank statements.
Monthly debt payment.
Rent, divorce, or bankruptcy records.
W-2 forms and Recent pay stubs.
Tax returns.

🌄 Property Requirements

The property cannot have a livable structure; its appraised value is based solely on the land.
Both unimproved and improved land/lots can be financed.
For residential use only — no business, large farm, or ranch use.
Future building allowed with a one-time close construction loan.

The Land can have a building, but no value can be given to the building.

🧾 Other Important Information

Self-employed applicants: 24 months of bank statements accepted
Building on owned land: equity can count toward your down payment

⚖️ Bankruptcy History

100% Program: No bankruptcy within 10 years
95% Program: No bankruptcy within 4 years (exceptions possible)

🚜 Business, Farm, or Ranch Use

These programs are strictly for residential purposes only. Hobby farms are permitted, but this is not a loan for income-producing properties.

Spurr Mortgage–233 E. 10th Street Plaza, Ste 3, Edmond, Oklahoma 73034

Serving the State of Oklahoma and beyond since 1990. Including: Kansas, Missouri, and Arkansas

🏦 Disclaimer

***Spurr Mortgage Corporation reserves the right to alter, edit, and change these requirements at any time. Loan approval is at the lender’s discretion. This document is for informational purposes only.

Richard Spurr – Senior Land Specialist

If you want to learn more about Land Loans, complete the application online or call Richard Spurr at 405-348-9919.

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