New construction is back in full swing and there is a surplus of land available for sale in Western North Carolina. So, how do you obtain a loan for a piece of raw land to build on?
This has been a very common question for us this week, so I wanted to quickly share a few options that we have helped our clients navigate. Because you can't take advantage of the classic loan types that are backed by the government, or even most banks, it is important to know where to go and what you'll need to finance land.
In the greater Asheville area, there are several credit unions that are willing to help their members finance land. Champion and Telco, seem to be the most common. We are still waiting on information back from them as to the specifics of their land programs. Carolina Farm Credit seems to be the overwhelming favorite for those not currently signed up with a credit union. They have different programs available for home sites and large tracts, and typically require about 25% down.
If you are considering purchasing land, let us help you get a great deal on your new home site. Give us a call at (828) 707-5642