Connecticut land loans can give you a more affordable way to eventually own a home or business in Connecticut.
You’re our first priority. We want you to understand how we make money. This post may contain affiliate links. Biglaw Investor may receive a commission at no additional cost to you if you click on the links in this article. This may influence which products we write about and where and how the products appear on a page. However, it does not influence our evaluations. Our opinions are our own. In some circumstances, if you work with us, we are able to provide an incentive to work with our advertising partners that is unavailable if you work with our advertising partners directly. Our partners cannot pay us to guarantee favorable reviews of their products or services. To read more about how we make money, click here.
JD MORTGAGE® connects you with lenders who want to help you purchase land. We find the lenders that offer terms specially tailored to your goals, whether it’s building your dream home or some other business, agricultural or recreational purpose.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your land financing needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Connecticut offers an ideal balance of New England-style living and proximity to NYC and the other major cities on the Eastern Seaboard. Unfortunately, owning a home in Connecticut is cost-prohibitive for many right now. Connecticut is quite small, for one thing. According to the U.S. Census Bureau, Connecticut has 4,842 square miles of land, meaning that supply can outweigh demand in this popular state. .
That has driven up the price of new built and modern homes in the state, but there are alternatives, including land loans. With a Connecticut land loan, you can secure a property in your favorite part of the state first and then build a home when you’re ready or when you can afford it. Unlike Connecticut construction loans, which finance a construction project specifically, a land loan, or “lot loan,” is just for the land and gives you some flexibility in construction.
With the value per acre of land in Connecticut at $128,824,48, per the New Estimates of Value of Land of the United States, many in the state may find that this approach is still an investment, but with the right planning it can still be more affordable than many new built or modern homes.
What are some advantages of obtaining a land loan in Connecticut? Think about this:
Naturally, a land loan also enables many buyers to purchase property in regions they might not otherwise be able to afford, such as in some of Connecticut’s well-known coastal areas or in the suburbs near New York City.
Some lenders only offer land loans for residential projects, while other programs can lend to those that are pursuing recreational or agri-business purchases.
Tidemark Federal Credit Union offers a number of benefits and options for banking needs for their customers in Delaware, Maryland, and Virginia. Tidemark Federal Credit Union has a number of different options to choose from in their products, including construction loans, land loans, and mortgages with competitive rates.
To get you the best information, we contacted Tidemark Federal Credit Union for more details on their land loans and here are the key features and terms:
When you’re ready to connect with a loan officer, use our form to quickly match with land and lot loan programs based on your specific circumstances.
TD Bank is a full service bank that offers all types of financial products, including investments, wealth planning, and private banking services. TD Bank does have a large lending ability in which loans can be obtained for property and land purchases and the purchase and renovation of a home.
We reached out to TD Bank to discuss land loan details, which you can read about below:
When you’re ready to connect with a loan officer, use our form to quickly match with land and lot loan programs based on your specific circumstances.
Jewett City Savings Bank was founded in 1873 and has long been a hometown-focused bank with over $400 million in assets. Among the full-service bank’s offerings are land and construction loans for a variety of real estate projects, including investment projects, residential homes, or commercial properties.
We reached out to Jewett City Savings Bank to discuss land loan details, which you can read about below:
When you’re ready to connect with a loan officer, use our form to quickly match with land and lot loan programs based on your specific circumstances.
Based in North Alabama, Citizens Bank & Trust provides a number of services for those living in the area and looking to invest in property. Citizens Bank & Trust offers land loans and construction loans to help with the purchase of property as well as the building on property.
We reached out to Citizens Bank & Trust to discuss land loan details, which you can read about below:
When you’re ready to connect with a loan officer, use our form to quickly match with land and lot loan programs based on your specific circumstances.
For more than 100 years, Country Living Loans from Farm Credit East have provided access to farm, land, and country home financing throughout the Northeast portion of the U.S. A customer-owned bank, they specialize in rural landscape projects, including land and lot loans for farms or other needs.
We reached out to Country Living Loans to discuss land loan details, which you can read about below:
When you’re ready to connect with a loan officer, use our form to quickly match with land and lot loan programs based on your specific circumstances.
Connecticut based Thomaston Savings Bank was founded in 1874 and has continued to provide in much the same way as an independent mutual savings bank. Thomaston Savings Bank offers a number of banking and financial services for its customers, including construction loans and land loans.
We reached out to Thomaston Savings Bank to discuss land loan details, which you can read about below:
When you’re ready to connect with a loan officer, use our form to quickly match with land and lot loan programs based on your specific circumstances.
While the cost of an acre is relatively high in Connecticut compared to other states, you may find that getting just enough acreage for a nice home and then building your own home is still more affordable than buying a built home. Do your research and run the numbers to make sure that is the case for your project. If you don’t have a down payment for a typical loan or can’t make it work with the interest rate, it’s smart to take the information you have from the NMLS and use that to explore alternative financing.
The good news is Connecticut land loans give you flexibility. You can take the time necessary to determine your financial situation, choose a design, and construct your ideal home. A land loan is a wonderful option if you find that alluring and are not in haste to relocate. Make sure you look into each mortgage program individually, checking out loan to value, debt ti income ratios, opportunities for refinancing, and credit score requirements, especially if you’re comparing this option to a line of credit or mortgage loan. Knowing the loan terms before you apply is especially important for first time homebuyers or those who might need a jumbo loan to secure their property.
Last but not least, land loans are fantastic for second houses that you don’t have to move into right away. This may be one of the simplest ways for Connecticuters to ultimately acquire that ideal second home on the coast or in the woods of Connecticut. You could build a new home when you find something you’re crazy about on the NMLS and then get a loan amount to cover that purchase. If a regular mortgage loan just won’t work, you still have options. With this land loan process, you may end up with your dream home because you can build it on your own property. As an alternative to a home loan or construction mortgage, this loan allows you to buy a piece of land to build your single family home.
If you want to find the best land and lot loans in other states, click on your state below.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
One email each week covers personal finance, financial independence, investing and other stuff for lawyers that makes you better.
Biglaw Investor is helping thousands of lawyers manage and eliminate student loans and make great investment decisions. We’re on a mission to help every lawyer achieve financial independence.