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Florida Land Loans Programs

Florida Land Loans Program

When searching for the ideal location to construct your dream home, the possibilities seem boundless. Yet, sometimes the most fitting choice involves purchasing a plot of land and embarking on the journey of building from the ground up. While this process may seem daunting, having the appropriate financing is crucial. This is where Fidelity Home Group steps in.

We provide land loan financing services for individuals across Florida. Recognizing the distinctiveness of each property, we collaborate with you to determine the optimal loan term and rate tailored to your specific circumstances. Moreover, our expertise extends to custom construction loans, ensuring our support throughout the entire transformative process of bringing your vision to life.

What is a Florida Land Loan?

When purchasing of land, numerous factors come into play. Among these considerations, one of the most pivotal is determining the means of financing. While several options exist, a commonly favored approach is securing a land loan.

Curious about the feasibility of obtaining a loan for land in Florida? The answer is a resounding Yes! A land loan is expressly designed for land acquisition. However, it’s essential to note that the terms, conditions, and prerequisites for obtaining such a loan can vary significantly among lenders. Typically, land loans necessitate collateral, often in the form of property, and may entail slightly higher interest rates compared to other loan types. This adjustment reflects the heightened risk undertaken by the lender when extending funds for land purchases, in contrast to traditional mortgages.


How to qualify for a Florida Land Loan

Three primary criteria determine eligibility for a land loan: credit score, down payment size, and loan-to-value [ LTV ] ratio. A higher credit score enhances the likelihood of securing a loan at a lower interest rate. Additionally, a down payment is necessary for the property purchase; the larger the down payment, the lower the resulting LTV ratio, thereby increasing the chances of loan approval.

The LTV ratio represents the proportion of borrowed funds to the property’s appraised value. Most lenders prefer an LTV ratio not exceeding 50%, implying that you should refrain from borrowing more than 50% of the property’s value. This precaution safeguards the lender against potential declines in property value subsequent to loan disbursement.


Florida Land Loan Requirements:

  • Minimum Credit Score of 660
  • Minimum 35% down payment
  • Up to 55% DTI
  • Purchase Only
  • Traditional Income Documentation – W2’s, Tax Returns, & Pay Stubs or;
  • 12 Month Bank Statement Program [ Business or Personal ] or;
  • 12 Month of 1099’s or;
  • 12 Month P & L or;
  • Asset Depletion / Asset Qualifier
  • Land can be individual buildable lots, investment, income producing property with acreage, recreational properties [ ex. hunting, farming, etc.. ] and much more
  • No prepayment penalty
  • Loans with no acreage limitations
  • Repayment terms of up to 20 years
  • Minimum loan amount of $100,000
  • Maximum loan amount of $825,000
  • Can be for Farm and Ranches
  • Can be for Recreational Property
  • Can be for Investment Property
  • Can be for Rural Developments
  • Can be for Raw Land

Florida Land Loan Refinance Requirements:

  • Up to 65% LTV for Rate & Term
  • Up to 60% LTV for Cash-Out
  • Minimum Credit of 680
  • Minimum of 24 months ownership of property at time of refinance


Florida Land Loans Programs