Land & Lot Loans in Oregon

Oregon land loans are real estate loans that give you a way to buy land and build a home of your own.

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5 Best Land and Lot Loans in Oregon

Key Terms

  • Land loans let you buy real estate in areas where you might not be able to afford a new home.
  • Land loans, aka lot loans, are a type of loan that let you build a future home on your own time.
  • These loans don’t come with the same insurance requirements as traditional home loans, resulting in lower monthly payments.

Home to beautiful national parks, mountains, and forests, as well as some of the most unique and vibrant cities in the States, Oregon is a great place to live. According to the United States Census Bureau, Oregon includes some 95,996 square miles of land, providing plenty of space and variety for those looking for a home.

The Oregon housing market is heating up, however, as it is all over the U.S. Many are finding them priced out of their favorite neighborhoods, as a result. With a land loan, you can take the alternate approach of buying land now and building a home within your own budget, even in pricey neighborhoods. These loans are also great financing options for getting started on that vacation home or rural home you always wanted.  With the value per acre in Oregon at around $6,502.58, per the New Estimates of Value of Land of the United States, many in Oregon may find this an affordable way to approach having a new home. 

Once you build equity on a parcel, it can also help you qualify for the construction loan in Oregon you may need to finance your construction project. On your own schedule and within your ideal budget, you may well find yourself with the home of your dreams. 

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How land loans work in Oregon

Land loans in Oregon allow you to finance the acquisition of a piece of land. Many lenders do not have acreage restrictions on land loans, allowing you to finance very big lots. These loans differ from farm loans and construction loans in that an “ag” loan requires that the land be used for agricultural reasons, whereas a construction loan requires that you begin building immediately. With a land loan, you can do what you want with the property and build when you want. 

You apply for a land loan just as you would apply for a mortgage or other loan. Lenders are exposed to more risk with these loans since land valuations are sometimes problematic and the lender has no property collateral. If you do plan to build eventually, this can make the lot loan more appealing and help with the approval process. 

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5 Best Oregon land loan lenders

If you’re ready to learn more about the best land loan lenders in Oregon, here are the top options we’ve found through our research.

1. Banner Bank

Banner Bank has been providing banking services for over 130 years to meet the needs of all of the Walla Walla, Washington area. They are able to provide a number of loan options for homebuyers like lot loans, refinancing, personal loans and home equity loans to meet all needs.

We reached out to Banner Bank to discuss land loan terms, which you can read about below:

  • Prefers clients who intend to use land for construction purposes
  • In-house approvals and fast processing
  • Fixed-rate or adjustable-rate
  • Borrow up to 75% of the lot value
  • Finance improved and unimproved 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.

2. Oregon State Credit Union

Oregon State Credit Union is a not-for-profit financial cooperative established in 1954 with just $25 by a professor at Oregon State College. Today, it provides services for members in 24 counties of central and western Oregon, including offering land loans for building and land improvement.

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

  • Financing available for land loans within city limits or bare land with basic improvements and utilities.
  • Max acreage is 10 acres
  • Finance up to 80% of the value of the land
  • 15-year term
  • Local decisions and help with the loan process
  • Fixed interest rate, fully amortizing
  • No pre-payment penalty for early payoff

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. Gregory M. Russell

Gregory M. Russell, a hard money lender operating in Oregon, offers private loans for a range of land purchases. For more than 30 years, this private lender has helped with hard-to-finance purchases for residential lots, farmland, grazing land, commercial property, and acreage, including along the coast.

We reached out to Gregory M. Russell to discuss land loan rates, which you can read about below:

  • Available for loans on residential lots, acreage, farmland, grazing land, and commercial property.
  • Not a conventional lender. Funds are provided by private investors.
  • Flexible credit score and income requirements.

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. AgAmerica Lending

AgAmerica Lending is a multi-generational family farm lender serving residents in numerous states. The organization specifically focuses on agricultural loans and financing. It is ranked as one of the fastest growing private companies and offers coast to coast services to farmers and ranchers throughout the country.

We reached out to AgAmerica Lending to discuss land loan details, which you can read about below:

  • Minimum of 25 acres required
  • Minimum loan amount of $150,000
  • Farm/ranch financing available
  • Recreational land loans available
  • Terms from 18 months to 30 years

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.

5. WaFd Bank

Based out of Washington state WaFd Bank serves areas of Idaho, Washington, Nevada, and New Mexico, meeting all of their banking needs. WaFd Bank offers a number of products to help borrowers secure dream homes and property through home equity lines of credit, lot loans and land loans.

We asked WaFd Bank for more details on their vacant land loan product and here is what they said:

  • Land and lot loans available in Nevada only
  • Land loans available even if home construction is not imminent
  • Improved land loans available up to $700,000
  • 20-year term lot loan available for long-term plans.

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 land loan in Oregon right for me?

Is a land loan in Oregon right for you? It depends on your current living situation or long-term goals. Ask yourself:

  • Are you looking for somewhere to live in the very near future?
  • Are you interested in a neighborhood but can’t afford the built homes there?
  • If you’re interested in a parcel of land, is it raw, unimproved or improved?
  • Are you fine with paying a higher interest rate for financing?
  • Do you want a creative way to build a second home or vacation home?

All of these are good questions to answer when deciding on a land loan. If you don’t mind paying a higher interest rate and are excited by the notion of building your own home, a lot loan can pave the way for you. 

Looking for a land or lot loan in a different state?

If you want to find the best land and lot loans in other states, click on your state below.

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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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