Finding a Land Loan in Texas
February 18, 2010
Recently, we talked about various options for financing land in the State of Texas. We talked about land loans and if you are considering a land purchase, you will most likely want to shop around a bit and talk to a few different lenders.
The Bluegreen Finance group directs the disciplined growth of the company through the critical functions of mortgage services, title services, accounting and treasury. This group also offers fee-based financial services such as maintenance fee billing and collections, cash management, and mortgage services.
Bluegreen Finance considers both provable sources of income and credit score when making a loan offer. The most consistent rates that Bluegreen Finance has been offering customers lately are:
10% down, 6.25% adjustable, 3.0 points over prime for up to 240 months (loan rate may be adjusted annually)
10% down, 7.25% adjustable, 4.0 points over prime for up to 240 months (loan rate may be adjusted annually)
Bluegreen Finance does offer one (1) fixed rate loan option – 20% down, 8.75% for 120 months
There is no pre-payment penalty on any Bluegreen Finance note, and lender charges are limited to one $300 charge for Document Preparation – there are no charges for things like per diem interest or loan origination fees. Please keep in mind that you will be responsible for all closing costs including, but not limited to, recording fees, title insurance, and any charges assessed by the title company. We estimate these to be less than $2,500.
If you would like to move forward with the Bluegreen Finance loan process, please complete this credit application and return it with evidence of income (i.e, 2 most recent year to date paystubs for all applicants or complete copy of the 2007 & 2008 tax returns if self employed). It usually takes 72 hours to receive a lending offer after the documentation is submitted.
We have also partnered with a few “preferred lenders” in the South Texas and in North Texas areas who you might want to contact regarding a loan:
In South Texas:
In the Texas Hill Country:
Security Service Federal Credit Union
Ann Attridge, Sr. Mortgage Loan Officer
Brenham National Bank
In North Texas:
Texas Trust Credit Union
Vice President Mortgage Services