Land & Lot Loans in West Virginia

West Virginia land loans let borrowers secure a property and then build a dream home or business when they’re ready.

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4 Best Land and Lot Loans in West Virginia

Key Terms

  • Land loans are a great way to build a second home.
  • Land loans don’t require homebuyers purchase insurance like traditional mortgage loans, lowering the monthly payment.
  • Land loans can also be used for agri-business or recreational purposes like hunting or fishing.

West Virginia is easily one of the loveliest states in the East, with stunning vistas characterized by the legendary Appalachian mountain range.  According to the U.S. Census Bureau, West Virginia stretches across 24,041 square miles of land, and includes many quaint towns and cities in addition to its rural locales. 

Even with all that acreage, it’s becoming harder for West Virginians to find their ideal home. West Virginia is also a popular site for vacation homes, but supply is limited, narrowing your choices. If you’ve found a piece of land you love, your purchased land may serve as collateral for an eventual West Virginia construction loan

With a West Virginia land loan, you can take a creative approach to owning a home or vacation home. With the value per acre of land in West Virginia at an affordable $10,536.59, per the New Estimates of Value of Land of the United States, you may find that buying a parcel and building on your own budget may be the easiest way to achieve your dreams.  

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The pros and cons of a land loan in West Virginia

One of the most frustrating things in West Virginia for aspiring homeowners is that demand frequently outstrips supply. This means that not only is it more difficult to save for a home that is becoming increasingly expensive and closing costs and interest rates increasing, but when you are ready to buy, you may not be able to get the home you want in the area you want.

Because most people don’t think about buying land and building independently, they’re all competing for the same inventory. With a land loan, you can avoid bidding wars and rejected offers, guarantee your property, and plan for the next phase. 

Another significant advantage is that vacant land is always less expensive than existing housing, so you can look for real estate in areas where you want to live and actually afford it.

What are the drawbacks of this strategy? Interest rates and down payments on land loans may be higher. However, with prices per acre so low, you may find that 20 or 30 percent on a land loan is not so frightening.

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4 Best West Virginia land loan lenders

Some lenders only offer land loans for residential projects, while other programs can lend to those that are pursuing recreational or agri-business purchases.

1. Clear Mountain Bank 

A locally owned lender, Clear Mountain Bank offers a complete range of mortgage lending solutions to those in North-Central West Virginia and Western Maryland. The bank offers competitive rates on land only loans with up to 90% financing on single family residential properties for properties with future development or raw land use.

We reached out to Clear Mountain Bank to discuss land loan options, which you can read about below:

  • Purchase land as part of construction project
  • Purchase raw land for recreational use
  • Flexible terms available
  • Finance up to 90% of the purchase price on residential lots
  • No pre-payment penalties and several repayment options

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. Grant County Bank

Chartered as a West Virginia state bank in 1902, Grant County Bank now serves six counties in the state and is a subsidiary of Highlands Bankshares, Inc. Among its offering are land and lot loans for the purchase and construction of residential properties, with decisions made quickly and locally.

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

  • Purchase a lot and build a new home
  • Variable terms available
  • No prepayment penalty
  • Decisions made locally

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. FNB Bank 

Formerly First National Bank, FNB Bank has provided service in Romney since 1910, opening with original capital of just $50,000. Today, the financial institution offers a range of mortgage services for WV, VA, and MD, including fixed and adjustable-rate mortgages and lines of credit for purchase and building.

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

  • Fixed-rate mortgages available.
  • Adjustable-rate mortgages available.
  • Mainly focuses on construction projects.

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. Bayer Heritage Federal Credit Union

Bayer Heritage Federal Credit Union was founded in 1957 in Proctor, West Virginia, to provide financial services to the area. The Bayer Heritage Federal Credit Union offers a variety of products, including refinancing, online banking, home loans, home equity lines of credit, land loans and mortgages, to help meet all needs for homes and property.

We reached out to Bayer Heritage Federal Credit Union to discuss land loan rates, which you can read about below:

  • Loan amounts available for construction projects or recreational purposes.
  • No requirement to immediately build.
  • Fixed interest rates available for purchase or refinance.
  • Land as investment property 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.

Does a West Virginia home land loan make sense for you?

If the West Virginia real estate market is too hot for you or you can’t seem to save enough money for a purchase, a lot loan is a great option.

Similarly, if none of the homes in your price range suit you and your needs, you may prefer the option of creating and constructing exactly what you want from the ground up. West Virginia land loans are also excellent options for those looking to construct second homes or vacation homes that they will not need to move into right away.

Consider for a moment the total price once you’ve decided to build. With today’s creative and affordable construction methods, such as flat packs and tiny homes, you could very well purchase a large parcel with a land loan and then build for far less than the cost of a new, built home.

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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