What is a vacant land loan
A vacant land loan (or land loan) is a home loan where borrowers will seek financing from a lender to purchase a block of land. The intent with seeking a land loan is to eventually build a house on the block of land one day without it being determined in a specified amount of time. Therefore unlike most home loans which are used to fund the purchase of a land + property package, a land loan is purely to gain ownership in a block of land.