Guide to Using a Personal Loan to Buy Land

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent, and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or network providers. Read more about our Editorial Guidelines and How We Make Money.
What Is a Personal Loan?
Can You Use a Personal Loan to Buy Land?
Pros and Cons of Using a Personal Loan to Buy Land
Pros and Cons of Personal Loans for Land
What Is a Land Loan?
How Do Land Loans Work?
How Easy Is It to Get a Land Loan?
Can You Use a Mortgage to Buy Land?
Personal Loans vs Land Loans
Types of Land Loans
Raw Land Loans
Raw Land vs a Finished Lot
Construction Loans
USDA Loans
Improved Land Loans
No Plans for Development?
Shopping Local
Owner Financing
Tapping Home Equity
Home Equity Loans
Commercial and Specialized Lenders
Steps Before Applying for a Loan
Finding the Right Piece of Land
Knowing the Zoning and Regulations
Contacting the Seller
Making a Plan for the Property
5 Tips for the Land-Buying Process
1. Financing Can Be a Challenge
2. Being Ready for a High Down Payment
3. Budgeting for Additional Costs
4. Getting to Know the Area
5. Working on Your Credit
Discover Your Personal Loan Rate
Frequently Asked Questions
Photo credit: iStock/Nednapa
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About the Author
Kim Franke-Folstad is an award-winning journalist with 30 years of experience writing and editing for newspapers, magazines and websites. Her work for SoFi covers a range of topics related to personal finance, including budgeting, saving, borrowing, and investing.
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