Any one ever gotten a "Lot Loan" for vacant land?

I'm looking to buy a piece of land (Less than $15,000) to someday build my retirement home on. My real estate broker told me I couldn't get a mortgage, but my bank (Wachovia) offers what is called a "Lot Loan". Has anyone ever applied for one of these? Is the application process relatively painless compared to a home mortgage? I have one a mortgage, but not much equity yet)

You still have to qualify mostly the same way, with income and assets etc... But if you're dealing directly with them, perhaps it's somewhat smoother.

Lot loans are riskier than normal mortgages, since vacant lots aren't as easy to sell if they take it over after a default. So rates are higher, credit must be solid, etc...

First of all, how long do you think before you will start building on that peace of land?

I haven't and have never even heard of one. Land is typically bought with cash. You can't get a construction loan unless you hold a clear, and paid, title.

Make sure it is zoned for housing, 15k is nothing, I would worry that something is wrong with the lot.

people seeking land-only financing as the first step toward building that dream home use Lot Loans

Benefits:

Reasonable down payment plans

A variety of long term payment amortization options with a 5-year balloon

Competitive pricing

May be rolled into permanent financing when construction is complete

When you are ready to build, Lot Loans are designed to simplify financing during the home building process.

"Land is typically bought with cash"... that must be nice. I am not from the city, so we don't have "lot" loans, but we do have land loans. I own about 500 acres, bought at different times. I took loans out for it, just like I would a house or car and made payments until I got it paid off. Thankfully it's paid for. Shouldn't be a problem.