Land & Lot Loans in Utah

Utah land loans give borrowers a way to buy acreage and build their dream home on their own schedule.

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4 Best Land and Lot Loans in Utah

Key Terms

  • Land loans let you secure your ideal location now and build later.
  • Also known as lot loans, land loans don’t require that you build right away.
  • These loans don’t require insurance like traditional home loans, saving you money overall.

Utah is home to 82,377 square miles of land, according to the United States Census Bureau, that include some of the most beautiful landscapes in the west. From the arches and red rock around Moab to the tall mountains of Salt Lake City, this state offers some stunning locations in which to find a new home. 

With home prices on the rise, however, it’s getting harder for many Utahans to find the home of their dreams. That’s why many citizens of this state are turning to land loans. These loans, sometimes called lot loans, let you secure the land you want and eventually build a home when you are ready.  With the value per acre in Utah at $4,663.55, per the New Estimates of Value of Land of the United States, this can be a very affordable approach to owning real estate. 

A purchased parcel of land may also eventually serve as collateral for a construction loan in Utah, which you can then utilize to finance a home construction project. 

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Benefits of getting a land loan in Utah

Buying a house is an expensive endeavor. This is especially true when purchasing a turn-key, move-in ready, or new construction home. You could buy a fixer-upper, but that means months or even years of costly renovations and additions.

The other option is to reduce your aspirations so that your budget matches what is available on the housing market. None of those options sound appealing, which is why many first-time hombuyers and second home buyers prefer to purchase a piece of land instead.

Building a home yourself can be significantly less expensive than purchasing a pre-built home and taking out a mortgage loan, especially in coveted parts of Utah. You will also have complete control over the style, layout, and design of your home if you build it yourself. Additionally, you can also postpone your construction until you have the necessary funds with a land loan.

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4 Best Utah land loan lenders

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

1. Utah Community Credit Union

The Utah Community Credit Union was founded in 1956 by seven employees of BYU in an effort to help the members of the community. Today Utah Community Credit Union is so much more able to offer a number of financial products, including online banking, lines of credit, home equity loans, lot and land loans.

To get you the best information, we contacted Utah Community Credit Union for more details on their land loan options and here are the key features and terms:

  • Loans available for land to be used in home construction projects
  • Flexible term options available

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. America First Credit Union

American First Credit Union was started in 1939 in Salt Lake City, Utah which provides a number of loan products for construction. American First Credit Union offers competitive rates on products like lot loans, contractor built loans, self built loans, and construction loans to help people in the area to be able to build homes.

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

  • 10-year fully amortizing
  • 20-year amortization with a five-year balloon
  • 30-year amortization with a five-year balloon
  • Up to 80% loan-to-value for purchase on fully improved residential lot where future owner-occupied home is to be considered.
  • Up to 65% for purchase or refinance on fully improved residential lot held for investment
  • Up to 50% for cash-out refinance on fully improved residential lot where future owner-occupied home is to be constructed. Maximum cash amount is $25,000
  • Lot must be free of structures
  • Origination is 1.00%
  • Appraisal: $400 (varies based on area)
  • Purchase contract (if applicable)
  • Most recent pay stubs and W2’s for previous two years
  • Tax returns if self-employed
  • Two month’s financial institution account statements

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. Private Money Utah

Private Money Utah offers land loans for acquisition and refinancing as well as for purchase and refinancing of raw land. As a private money lender, the organization has provided services to investors and business owners since 2008. It offers a residential loan program separate from its commercial development services.

We reached out to Private Money Utah to discuss land loan details, which you can read about below:

  • Not a traditional bank. Hard money loans only.
  • Can finance purchase or refinancing of raw land.
  • Loans amounts for up to 65% of Purchase Price or up to 70% Loan to Cost for Construction Loans
  • Interest rates from 8.5% to 14% interest only
  • 4 to 6 points as a loan fee
  • Loan terms up to 12 months
  • Loan amounts from $25,000 to $10,000,000
  • No minimum FICO score required for eligibility, past bankruptcy or foreclosure ok.

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. Mountain America Credit Union

Opening in the 1930s, Mountain America Credit Union started serving the people of Utah by providing a number of banking services to help meet their customers’’ needs. Mountain America Credit Union offers a number of products to help customers meet their goals, including savings accounts, credit cards, lot loans and land loans.

We reached out to Mountain America Credit Union to discuss land loan rates, which you can read about below:

  • Available for land purchases whether you plan to immediately build or want to build at a later date
  • Construction loans available
  • Up to 85% financing on approved credit
  • Fully amortizing fixed-rate and balloon options
  • Easy online application process

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.

Does a Utah home land loan make sense for you?

If you’re having trouble finding an affordable home in Utah, or if you simply can’t find the home you need in the location you want, a land loan may be the answer.

These loans enable you to secure the most important part of a property— the location— while you work out the remaining details. With property price increases expected to continue for the foreseeable future, this could save you a lot of money in the long run.

Land loans are also ideal for financing country retirement homes or the vacation home of your dreams. If you’re looking for a different way to get the property you want in Utah, this could be it.

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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