Finance the perfect spot for your dream home
A land loan allows you to purchase a lot and stake your claim before you ever begin to think about construction, alleviating a few of the unknowns that can come along with a new home build.
To speak to the Mortgage Department, call 210-945-3300, select option 3, then option 2.
Let us walk you through the mortgage loan process
1. Get prepared
Buying a home is a big commitment and you’ll want your finances to be in good condition before you start the process to ensure the best possible outcome. Gather your financial information, like recent tax returns, financial statements and pay stubs; your loan application will let you know what financial information is necessary. You should also review your credit score, take a look at your debt-to-income ratio (DTI) and take other important steps to position yourself for receiving the best possible loan terms. Click the button below to read our document on “Maintaining Your Financial Status and Credit Score” for tips to help guide you through the process.
2. Decide what you can afford
3. Get pre-approved
4. Find your home
5. Complete paperwork
6. Finalize your loan
Our Mortgage Lending Team will help you through each step of the loan process and make sure you know everything you need to know to close your loan with confidence.
- The amount you would like to borrow
- The number of years you want to finance your loan (term length)
- Your current employment and income information
- Your phone number and email
- Information for joint borrowers you plan to include on the mortgage loan (including date of birth, address, income and employment, Social Security number and contact information; if applicable)
- An idea of the total amount you would like for your loan and monthly payments
For a list of all the documents often required to complete your purchase, download our Mortgage Application Checklist.
Other land loan benefits and features include:
- Term options up to 15 years
- Free 60-day rate lock, once a specific property is identified
- Up to 90 percent financing1
- No building requirements from the lender (subdivision requirements may apply)
- Option to set up automatic payments
1Additional qualifications including debt-to-income (DTI) limits are required to obtain 90% financing on land loans.
How much of a down payment should I expect with a land loan?
Your down payment will be dependent on a variety of factors, but our land loans typically require a 10 to 20 percent down payment.
Still have mortgage questions?
Loans subject to credit approval. Rates and terms subject to change without notice. RBFCU mortgage loans are available only on property in Texas. Origination fee program not available for short term loans, FHA or VA loans. NMLS# 583215