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Land and Lot Financing

Want to learn more about loans to purchase land? Contact a Muncy Bank Mortgage Specialist, send us a message, or visit one of our locations to discuss your options.

Central PA is a perfect place to build your dream home. With plenty of scenic views surrounding you and an affordable cost of living, you can customize every detail of your new home to raise your family or retire in. Before your contractor starts drawing up architectural plans, though, you may need to purchase a lot or a parcel of land to build on. As your local community bank, Muncy Bank can help you obtain a loan to purchase land in Central PA.

Financing Improved vs. Raw Land

The biggest consideration you’ll face is whether to purchase raw or improved land. With a raw lot, nothing has been done to clear the land for a home, connect to local utilities, etc. It may be more difficult to obtain financing for a raw land purchase, as this type of lot is less valuable than improved land. You’ll need a detailed plan for the steps you’re going to take to improve the land and build on it.

Improved land simply means that there is water, sewer or electric, whether just one thing or several, to make it ready for a residence. If you purchase a lot in a new housing development, it will likely come with improvements such as utility and/or sewer connections. It may also be partially cleared of rocks and trees to leave space for a home.

How to Apply for Land Financing

Ultimately, buying raw or improved land requires due diligence and research. You will want to work with a real estate agent who has experience with land transactions in your county. As your lender we’ll walk you through each step of the financial process with friendly and personal service.

Learn more about loans for lots in Lycoming County!

Muncy Bank has been dedicated to the success of local communities in Central PA since 1893. If you’re looking for a financial partner to help you build a new home, we can provide land and lot financing, a single-close construction loan to see you through the building process and into permanent mortgage financing, and more. Give us a call today at 570.546.2211 or visit one of our 7 locations in Lycoming, Northumberland, and Clinton Counties to learn more about land and lot financing and our other home loan options.

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Defining Community Banking Since 1893

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