PRMI Land Loans are mortgage loans for purchasing vacant land or Lot Loans. Traditional Conventional Loans do not allow for someone to purchase vacant land or lots. PRMI Land Loans allow you to purchase land without having to build on it. Land Loans are also sometimes referred to as Lot Loans or Vacant Land Loans. You apply for a Land Loan by calling the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE.
What are the Guidelines for PRMI Land Loans?
Vacant Land Loans have the following guidelines:
- Minimum Loan Amount is $100,000
- Maximum Loan Amount is $750,000
- Minimum Credit Score is 660
- Maximum Loan to Value (LTV) is 65%
- No Pre-payment Penalty
- Purchase Loans Only
- Maximum Term Length is 240 Months
What are the Eligible Property Types for Land Loans?
You can use the PRMI Land Loan to purchase the following types of property: