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Land and Construction Loans

Land Loans

If you're planning to someday build your own home and have found the perfect land to do so, acquiring the land may be the first step in that process.

A land loan mortgage is available to secure your dream lot, whether you're ready to build now or six years from now.

The land you choose to finance must meet certain eligibility requirements such as:

• The building lot must be suitable for residential construction for a 1-2 unit home as your primary residence in Vermont or New Hampshire
• Your building lot must have passed a perc test
• The total acreage cannot exceed 25 acres

All land loans are adjustable rate mortgages and require a 20% down payment.

Construction Loans

If you’re ready to start building a new home this is the right loan for you. A construction loan is available for both new construction and the improvement of certain residential property in Vermont and New Hampshire.

All construction loans are adjustable rate mortgages and require a 5% down payment.

Requirements

For construction projects where you'll be improving the energy efficiency of your home, you may want to consider our Energy Improvement Loan.

Please contact a mortgage originator for more details on Land or Construction loan options.

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