Build your dream home, buy a lot adjacent to your residence, or purchase a recreational property
If you’re planning to build a new primary residence, you can use a land loan to purchase a residential lot in Alaska, Arizona, California, or Washington. This loan can be used to finance lots in residential areas that are served by publicly maintained or community roads. You also have the option to buy a lot that’s adjacent to your current residence.
If you want to get away from it all, you can also use a land loan to buy recreational property in any of the areas we serve.
You can use this loan to buy a residential lot where you intend to build your future residence or one that’s adjacent to your current residence. Your lot must meet the following requirements:
To qualify for this loan, your recreational property must be accessible in one of the following ways:
Fly-in locations and properties that are located a long distance from the launch site or across unprotected water cannot be purchased with this loan.
In many cases, we can give you an answer in about a week. However, if we have to ask for additional paperwork to support your application, then your decision could take a little longer.
Depending on your loan, fees might include a loan processing fee, appraisal fee, or escrow closing fee. You may also need to purchase a title insurance policy, plat map, or as-built survey.
Hazard insurance and flood insurance may also be required if you are financing a structure in addition to land.
Your credit score affects the interest rate you qualify for when you apply for a loan or line of credit. With a higher credit score, you can usually qualify for a lower interest rate, which lowers your monthly payment and reduces the overall cost of borrowing.
If you’re not sure what your credit score is, you can request a free copy of your credit score every 12 months from https://www.freecreditreport.com/. If your credit score isn’t as high as you’d like it to be, here are some tips for improving your credit.
Three ways to tell if it’s a good time to refinance your mortgage.
First home? Here’s how to find the best mortgage program for you.
Get in touch with a real estate expert at Alaska USA to discuss a home equity loan, home equity line of credit (HELOC), or land loan.
1 Loan decision may take longer if additional documentation is required to prove creditworthiness.
2 Deposits may take longer if we cannot verify your account information.
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