4 Best Land and Lot Loans in Oklahoma


Land loans let you secure your ideal location in the competitive Oklahoma real estate market.

Key Terms

  • Land loans are a great way to build a home in an area you might not otherwise be able to afford.
  • You won’t need mortgage insurance with a land loan like you do with traditional home loans.
  • You can build a home to your own specifications over time.

With attractive mid-sized cities that combine “big city” and “small town” in one, along with charming smaller communities and suburbs, Oklahoma is a great way to enjoy a good quality of life in the U.S.

According to the U.S. Census Bureau, there are 68,597 square miles of land in Oklahoma, offering plenty of room for everyone. Of course even with that space, home prices are going up or may already be out of reach for some. 

With that in mind, many borrowers in Oklahoma are considering a new approach to homeownership and turning to land loans instead. Getting a land loan can allow you to purchase a parcel in even an expensive area and then take on a construction project when you are ready with a Oklahoma construction loan. With prices the way they are across the state, this can actually be a cost-effective method for owning a home.

According to the New Estimates of Value of Land of the United States, the value per acre of land in Oklahoma is $7,363.50. With prices like that, many may find that they can buy more than a few acres on which to build a home. 

Show Me Lenders

How land loans in Oklahoma are different

If you want to build a new house in Oklahoma, you’ll need to locate appropriate property. There are several sorts of land loans available. If your preferred location is wholly undeveloped, as many much of the land in Oklahoma is, you’ll need a raw land loan. If there are infrastructural features on a property, an unimproved land loan would be necessary. Finally, improved land loans are offered for parcels of property that are suitable for immediate development.

Land loans are distinct from construction loans in that they only finance the land itself. You may buy a plot in Oklahoma while costs are still quite low and retain it for as long as you wish. When the alternative is settling for a place you don’t really like or an older property, this method may be a better option to find an affordable place to live in Oklahoma.

Get Quotes for Your Land Loan

4 Best Oklahoma land loan lenders

If you’re in the market to purchase land in Oklahoma, consider these land loan lenders that are available for projects in the state.

1. Tinker Federal Credit Union

The largest credit union in Oklahoma, Tinker Federal Credit Union, has been around for over 75 years, serving the needs of its members. Tinker Federal Credit Union has over $6 billion in assets with products for customers like land available for financing at up to 80% of the land value.

We asked Tinker Federal Credit Union for more details on their vacant land loan options and here is what they said:

  • Land loans are available on 10 acres or less with fixed rates and terms up to 180 months.
  • TFCU will finance up to 80 percent of the current appraised value or purchase price, whichever is less.
  • There are no origination fees on land loans.
  • Purchase of land and lots (up to 10 acres) zoned residential for the intent of building a primary or secondary residence in the future.
  • Property should be located in a Platted Subdivision with Paved Access to the subject property.
  • Must have access to all public utilitites. However, well and septic systems are acceptable if it is standard for the subdivision.
  • Property cannot be located in a Special Flood Hazard Area (SFHA).
  • Maximum LTV – 80% of the lesser of appraised value or sales price, whichever is less.
  • The term for a Land/Lot loan is 7-, 10- or 15-year depending on the loan amount:
  • Up to $30,000 – 7 years
  • $30,000 – $50,000 – 10 years
  • Greater than $50,000 – 15 years
  • Member is responsible for paying all applicable closing costs, including processing fee and third-party costs. No added fees for application, origination or documentation. Member pays third-party costs for: Appraisal, title insurance, flood, certification and recording.

When you’re ready to connect with a loan officer, use our form to quickly match with land and lot loan programs based on your specific circumstances.

2. Oklahoma AgCredit

Oklahoma AgCredit was founded in 1916 in Oklahoma to work with the agricultural business in the state to help them to meet their financial needs. Oklahoma AgCredit offers farm and ranch loans that can be used to purchase and improve land, offers refinancing, and to make lasting property improvements.

We reached out to Oklahoma AgCredit to discuss land loan rates, which you can read about below:

  • Purchase, improve or refinance rural land. 
  • Farm loans or rancher loans
  • Recreational or investment property
  • Refinance an existing mortgage to a lower rate
  • Fixed rates with long-term maturities that have consistent monthly payments help manage risk and cash flow.
  • Terms up to 30 years.
  • Variable and adjustable annual percentage rates adjust at monthly or yearly intervals. Convert your loan to a fixed rate with minimal cost and time.
  • 1- to 15-year terms.

When you’re ready to connect with a loan officer, use our form to quickly match with land and lot loan programs based on your specific circumstances.

3. Yukon National Bank

Yukon National Bank traces its roots back to the early 1900s when John F. Kroutil started the lender with $25,000 in capital stock. Since then, they’ve grown to do business in the state of Oklahoma with a wide range of personal and business products, including a loan loan.

We reached out to Yukon National Bank to learn more about its land loan program and while they didn’t have a lot of details, here’s what we were able to find:

  • Ideal for property or acreage for a future home site (whether you ready or not to build).
  • Can be used for new homes or vacation homes.
  • Able to offer loans with a variety of terms depending on the client’s needs.

When you’re ready to connect with a loan officer, use our form to quickly match with land and lot loan programs based on your specific circumstances.

4. Communication Federal Credit Union

Noted as one of the most recognized credit unions in Oklahoma, Communication Federal Credit Union is a 95,000-member strong lending organization. Founded in 1939, this full-service credit union has 22 branches across Kansas and Oklahoma and offers loans for both land and lot development for non-commercial projects.

We reached out to Communication Federal Credit Union to discuss land loan details, which you can read about below:

  • Available for purchases up to 100 acres, zoned non-commercial
  • Down payments for land starting at 5%
  • Loan terms of 5, 10, or 15 Years Available
  • Maximum loan-to-value (LTV) of 95% on purchases or 75% on refinanced loans
  • Land must be undeveloped and not used as agricultural in nature, such as farms, orchards, or ranches.
  • A land loan will not be given any value for any outbuildings or any other dwellings on the undeveloped land.

When you’re ready to connect with a loan officer, use our form to quickly match with land and lot loan programs based on your specific circumstances.

Is a Oklahoma land loan the right fit for you?

Taking out a land loan and subsequent construction project needs some serious thought. Consider the following when contemplating a land loan:

  • Do you need to move sooner rather than later?
  • Do you know where you want to reside and what kind of house you want to live in?
  • Are you willing to spend extra for financing because land loans might have higher interest rates?
  • Do you have enough money to make a down payment?
  • Do you want to buy a vacation house but can’t afford it?

There are several reputable lenders in Oklahoma who can assist you in sorting through your prospects and explain the loan application and loan process. If you’re looking to explore land and lot loans in other states, check out our national overview of land loans as a starting point in your search.

Find a Land Loan Specialist

Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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