We Now Offer Owner Financing!
See Below for Details:
NEW YORK LAND & LAKES FINANCING – Financing for raw, unimproved land is very difficult to obtain through conventional means. Most banks don’t even offer a land loan program and those that do typically require at least 1/3 down and charge high fees, points and other charges and closings take months to occur. New York Land & Lakes offers “In-House” financing that is very easy and affordable. With a minimum of 20% down, we can finance your purchase for up to 7 years with rates as low as 5.25% and there are NO application fees, appraisal charges or pre-payment penalties! Some of our customers finance their purchases for the full term of the loan while many others use our financing for a short term as a “bridge loan” to secure the property then seek out other financing options down the road.
- What you need to know about New York Land & Lakes and financing:
- A minimum credit score of 700 is required
- If your credit history is less than stellar, the mortgage department may require a larger down payment and/or a shorter term
- Approvals are usually obtained in just a few hours
- Ownership is transferred in seven to ten days with our financing
TERMS & RATES
Down Payment 7 Years 5 Years 3 Years
20% 8.75% 8.25% 7.75%
35% 8.25% 7.25% 6.25%
50% 6.75% 5.75% 5.25%
All applicants must have a minimum credit score of 700 for 20% down with 7 year term and minimum of 680 for all shorter financing terms.
Maximum Terms as follows:
Loans $30,000 and higher 7 Years
Loans $15,000 to $29,999 5 Years
Loans Less Than $15,000 3 Years
Examples (for a 7 Year Term):