Owning land has long been part of the American dream, and now it's within your reach. With a lot loan from First Citizens, you can buy land today and build the home of your dreams tomorrow.
Primary or secondary residence
Plan to build your new house or the vacation home you've always wanted.
Flexible terms
Explore loan term options up to 180 months with a 60-month balloon.
Interest-only payments
Build within a year to enjoy 12 months of interest-only payments.
Get Started Get started with lot loans Secure land for your dream home Get Started Get started with lot loans Lot Loan BenefitsUsing a loan to buy land gives you a unique opportunity to design and develop your property as you wish.
Getting a lot or land loan doesn't have to be hard—in fact, the process itself is a lot like getting a mortgage. Our friendly lending experts will guide you through your best options.
Before you apply for a lot loan, you'll need to find land to purchase. The land is where you'll be planning to build a primary or secondary residence, and it may be developed or undeveloped.
Get the conversation rolling with one of our expert lenders. The best time to do this is after you've found land but before you've started planning for construction.
We'll work with you to gather important details about your financial situation, the land you're buying and how you want to use it. Then we'll help you explore your loan options to find the best fit for you.
Ready to set your land plans in motion? Then it's time to apply for financing and turn your dream of buying land into a reality.
Lot Loans FAQA lot loan is a way to finance the purchase of a tract or plot of land. It's similar to a mortgage, except the loan isn't secured by a house. Both lot loans and land loans refer to the same thing, so the terms are often used interchangeably.
Is it hard to get a loan for land?No. Getting a land loan doesn't have to be hard. However, because land loans are riskier for the lender than a traditional mortgage, the borrowing requirements may be different. For example, interest rates are usually higher for land loans, and you may need to provide a higher down payment.
Is building a house required to get a lot loan?No. Although it's very common, building a house isn't required to get a lot loan. There are many other reasons why people choose to buy land. For example, a homeowner might purchase neighboring lots to increase their acreage and expand their homestead. Others might want to purchase land they can use specially for hunting, fishing, camping or gardening.
How long are the terms for a lot loan?Terms for lot loans can vary. Common terms include 60 months and 120 months (with a 60-month balloon). The longest term we offer is 180 months with a 60-month balloon.
Can you refinance a lot or land loan?Yes. In fact, residential lot and land loans are typically refinanced once you get further along in the construction process. They're often replaced with a home construction loan—or a mortgage when construction is completed. Refinancing this way can help you get a lower interest rate on your principal balance.
How much land can I afford?There are many contributing factors that determine how much land you can afford. First, there's the land itself to consider: its location, its quality, whether it's developed or undeveloped, and how you plan to use it. Next, consider your financial situation as a borrower. Reviewing the 5 Cs of credit can help you see how your application might look to a lender. Finally, there's no substitute for expert guidance. Talk to one of our lending experts to learn more about your options and how much you may be qualified to borrow.
