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Land Loans

Building lot on hilly land - Land plot management - Real estate concept with a vacant land on a green field available for building construction and housing subdivision in a residential area

Purchase land now, build your dream home later.

Maybe it’s a blissful spot you’ve passed by on a walk, and thought to yourself, “I’d love to wake up here every day.” Or it’s a nearby piece of property or plot of land you’ll want to gift to a family member — later.

With a Kennebunk Savings land loan, you can purchase land now with our financing options, allowing yourself time to build equity and think about what your future plans are. Less rush means less stress. So, take your time to save a bit more for your dream home or find just the right architect to bring your vision to life.

What to know before you consider a land loan.

You must confirm in advance with the city/town that the property you want to purchase is a buildable lot. After that, Kennebunk Savings can begin the land loan process with you.

  • You can build equity on a land loan and use it later to help support the construction of your home.
  • Finance up to 65% of the purchase price.
  • Our land loans are for residential zones only, for example, a primary residence or a second home.
  • The land loan process undergoes the same credit underwriting and approval process as other real estate purchases.

Land Loan FAQs

How long can I wait before I build on the land I purchased?

The decision is yours, consult with one of our residential lending officers to fully understand the terms and conditions of your loan. Contact them here.

Do I need a land loan if I want to build on the land I purchase immediately?

Probably not. If permits are in place and contractor is ready, you may consider checking out a Kennebunk Savings Construction Loan instead because it allows you to finance the purchase and construction with one loan.

Can I get pre-qualified for a land loan?

Yes! We’re happy to check and see if you qualify. You can also refer to this helpful mortgage prequalification checklist as well.

What happens to my land loan when I’m ready to build my house and need a construction loan?

Your land loan may be refinanced at the time the construction loan is finalized.

Is there a specific size acreage required to build?

Yes, the acreage of the land you are looking to build on must meet the minimum building lot size requirements of the city/town it is located in.

Contact Kennebunk Savings Today!

Let’s see if a land loan is the right choice for you. Our residential loan officers are here to help you understand all the details. Call us to talk or schedule an appointment or send an email.