Land LoansServicing Land Loans in Oklahoma, Kansas, Missouri & Arkansas Get Pre-qualifiedCall 405.348.9919
Locally Owned | Local Experience | Local Community Lender
33+ Years in Business
About Spurr Land Loans
- 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
How much do you have to put down on Land/Lot or acreage in Oklahoma, Kansas, Missouri, or Arkansas?
The second option is a minimum 5% down payment for 15 years with a fixed interest rate in Oklahoma or Kansas.
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?
What is the difference between a Land Loan and a Home Loan?
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?
Before financing a 95%/5% Down Lot or no-down-payment Land loan, how much money should you save?
Can the Land or Lot already have a structure on-site?
What are the Minimum and Maximum loan amounts?
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 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?
If I am self-employed, can I get a land loan using my Bank Statements and not my Tax returns?
You must be self-employed and provide sufficient funds to handle the payments by verifying collected funds in your last 24 months Bank Statements. A slightly higher interest rate will be determined by the percent of the down payment and your credit score.
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.
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.