Where do you see yourself retiring one day? With the burst of the real estate bubble in 2007, the value of land — both raw land and developed lots – was hardest hit. There are indications that values may be bottoming out, so if you’re looking to acquire that perfect piece of land for your future dream home, now is the time.
In fact, values and loan rates are both low, so buying property is more affordable now than it has been in a decade.
Perhaps you’re planning to retire to a different community? You can buy the property now and “land bank” the lot for the future, when you’re ready to build. Or maybe you want to take advantage of lower construction costs to build your dream home now. You’ll find that building a custom home will create a strong bond between you, your family, and the land.
Whether you are looking to build now or planning for the future, Washington Federal can help. We offer both a 20-year fixed rate lot loan and a short-term lot loan with a 24-month term for people who are planning on building right away. Our down payment requirements are reasonable, and the equity you build in the lot can be applied to a custom construction loan down the road.
Your local branch manager can help you uncover opportunities, or you can check out our list of bank-owned properties on our website.