The perfect land to build your dream home may present itself before you are ready to start building. That's okay because, at Texell, we understand that building is a process, and our Home Loan Heroes will be there every step of the way.
Whether you plan to build your home right away or in a few years, we can get you started.
The Texell Advantage for Land Loans:
Local loan decisions, personal knowledge of the area
Secure your land now, build in the future
Low, fixed rates with terms up to 15 years
Down payment as low as 20%
Minimal closing costs
Minimum loan amount $10,000
Borrow up to 80% of the fair market value or purchase price of the property, whichever is less
Today's Land Loan Rates
Frequently Asked Questions:
What is a Land Loan?
Use a Land Loan to finance the purchase of a plot of land. Texell offers land loans that may be used to build a home or for personal recreational use.
What documents do I need when I apply for a Land Loan?
The documents required when applying for a land loan include:
- Valid government-issued ID
- Social Security Card
- Proof of income (pay stubs, award letters, or retirement statements)
- Asset statements (last two months)
- Tax returns (last two years)
- W2s (last two years)
- 1099s (last two years if self-employed)
- Mortgage statements (for any properties owned)
- Homeowners insurance (for any properties owned)
- Survey (for the land to be purchased, if available)
How much can I borrow for a Land Loan?
In Texas, you can borrow up to 80% of the property's fair market value or the purchase price, whichever is less. For example, if the plot of land is worth $85,000, but the purchase price is $80,000, you can borrow up to $64,000.
How long does the land loan process take?
Depending on how quickly Texell receives the appraisal, the land loan process can take 30–60 days.
What is the difference between a Land Loan and a Construction Loan?
Can I use a Land Loan to purchase property for business use?
What is a Home Equity Loan?
Equity grows as you pay down your mortgage and as your home increases in value. You can borrow against the equity of your home with a home equity loan.
The Home Equity Loan Process
Applying for a home equity loan may seem intimidating, but with a little research, you can feel confident as you start the home equity process.
Pros and Cons: Home Equity Loans for Debt Consolidation
When consolidating debt, you may consider a home equity loan — but it’s not the right choice for everyone.