Best Banks For a Land Loan | askBAMLand

If you are in the market for buying real estate, then you’ll want to find a reliable financial institution to deal with, but which banks are best for land loans?

The best banks for land loans are PrimeLending, Better, Axos Bank, Guarantee Rate, Chase, New American Funding, PNC Bank, Quicken Loans, and Ally.  However, the bank that you end up going with should be determined based on the terms of the loan that you are offered.

Applying for a land loan from a bank can seem quite nerve-racking - and for good reason.  Buying a home is a major financial commitment and is arguably one of the biggest decisions that we will make in our lives, which is why you want to be sure that you are dealing with a banking institution that you can count on.  While the most important thing to keep in mind is your personal finances, you also want to know exactly what you are in for when assessing banks for a land loan.  Each bank will have different terms and conditions for their loan and you want to go with the institution that offers you the best possible deal.  However, there are so many options out there these days, which is why we are going to take you through all of the best banks for land loans.

I have spent many years dealing with financial institutions that handle land loans and have worked as a financial advisor and as a mortgage lender in the past.  My in-depth experience has taught me that you need to carefully review each land loan available to you so that you can make a calculated decision on which bank is ultimately going to be best to deal with.

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Best Banks: Land Loans

If you are on the market for buying a home, then you have got plenty to be excited about.  Becoming a homeowner is one of the greatest feelings one can achieve - you can finally rejoice in having a sense of ownership over your personal property and you can truly feel content with having a plot of land that is rightfully yours.  This is in so many ways what the American Dream is all about and its value holds as much weight today as it ever has in the past.

Now, achieving this is easier said than done.  With housing prices going through the roof in some locations and many dicey financial lenders looking to take advantage of naive buyers, getting a loan on land can feel pretty intimidating.  If you have got the financial savings to buy your property upfront, then you essentially have nothing to worry about and you can approach your land acquisition with a nonchalant attitude.

However, if you are like most of us, you are going to need to deal with a bank for getting your land loan.  The trouble with this is being able to choose the right banking institution, as there are so many choices out there these days - with some offering very reasonable rates and others that often have malicious intentions, which is why you want to be thorough, calculated, and patient when you weigh out your options.  Before you begin looking for a financial institution to lend you money for your land, you should first consider your financial situation and create a plan to determine what you can afford.

As you craft your plan, you should ideally have a certain amount of savings to support a down payment for your property.  With that being said, the amount of money that you need down for a land loan will be determined based on what bank you end up going with.  It is important to note that while no money down options sound great at first, they often come with much higher interest rates, which end up becoming incredibly pricey in the long run, which is why you want to carefully weigh out all financial variables that are tied to your land loan.  To help you understand this better, we are going to take you through our top picks of the best banks for land loans.


One of the best and most reputable banks that deal with land loans is PrimeLending.  This banking institution has been praised by customers and critics for offering incredible land loan opportunities to its customers that are very reasonable and easily attainable by most consumers.

PrimeLending currently operates in just about every state and is offering land loans for private residences across the entire country.  This banking institution isbased in Dallas but you can easily get in touch with a representative over the phone or online to assist you with any questions that you might have about their organization and their loans.

This Texas bank currently offers one of the best money-down options in the entire country - at staggering rates that are as little as just 3%, which can really open up a lot of doors for aspiring homeowners.  With that being said, this is the lowest money down option that the bank offers and it is generally only available to individuals who have their finances in order.  You may find that the money down requirement can go up a bit if you have had financial troubles in the past or have not built a high enough credit score.

At the moment, the minimum credit score that PrimeLending requires is 600, but they do make exceptions for some situations, which is why you should always reach out to them personally to discuss your loan.  If you meet this requirement, PrimeLending will offer you a wide variety of different land loans to get you into the home that you have always dreamed of having.  While most people go with PrimeLending for their more conventional loans such as home mortgages, you will be delighted to know that they can assist you with other types of land loans as well.

If you are dealing with a government-backed land loan such as through the Federal Housing Administration or the United States Department of Agriculture, then PrimeLending can help you get the ball rolling on your future property.  In addition, this banking institution can also help you with your current property, if you happen to already be a homeowner, as they have land loans that specialize in remodeling.


One of the major contenders in today’s land loan institutions is Better.  One thing that Better has been best in is its practicality and efficiency.  This banking institution prides itself on delivering information and land loans to its customers in the speediest way possible.  Given that they are based exclusively online, getting in touch with them to get accurate and reliable information does not even require that you leave your house - or even the couch for that matter, as you are able to get preapproved for a land loan in as little as 20 minutes. With that being said, finalizing the deal can take anywhere from 25 to 35 days or even more if you have complications with your loan, but this is still an amazing timeframe for getting a land loan as it rivals just about any bank within the industry.

In addition to offering speedy loans, Better is also regarded for its incredible rates.  If having money down for your property is an issue, then you can take comfort in knowing that you may only need a 5% downpayment on your loan to be considered.  This trumps the industry standard of 20% that you will tend to get with most banks.  However, the 5% money down option is generally only offered to customers who have an outstanding financial history, as they will be more financially reliable for Better to trust.

Your credit score should ideally be at least 620 in order for Better to consider your loan application - with higher scores resulting in less money down required to get a loan.  With that being said, you should expect a mediocre credit score to require a down payment of anywhere from 5 to 15% for conventional loans. However, if you are applying for a government-backed loan, Better has got some great options for you with the Federal Housing Administration - providing approved borrowers with down payments that are as low as 3.5%.

Axos Bank

Axos Bank has been around for decades and is considered to be one of the leaders of digital land loan banks.  This San Diego based financial institution has received a lot of great customer reviews and is a reputable bank within the industry, to say the least.

If you are looking for a low money down land loan, then Axos Bank has got you covered, as they offer down payments that are as low as 5%.  To be considered for this type of land loan, you do need to have a credit score that is at least 620.

Axos Bank handles many different types of land loans - with most customers wanting a conventional land loan to finance their home.  However, Axos Bank is also a great option for people with more lavish tastes, as they offer loans that can be as high as $25,000,000, which is great if you are buying an expensive piece of land or are working with real estate investors to buy property.

In addition, Axos Bank is also involved in government-backed loans such as the FHA Loan, however, the money down requirements for this type of loan are different than conventional loans.  In addition, this bank also offers other loan services such as home equity loans.  And if you are interested in remodeling your home, Axos Bank has some great options to get your project on the way.

Guaranteed Rate

If you want to get yourself into your new home fast without any strings attached, then Guaranteed Rate is the bank for you, as they pride themselves in being able to close deals in just 30 days or less - with preapprovals that often take just 1 to 2 days!

If you like the idea of sitting down with a banking representative to have a face-to-face interaction about your loan, Guaranteed Rate understands how you feel, which is why they have over 300 different locations across all 50 States.  However, if you are the kind of person that likes to handle business online or over the phone, Guaranteed Rate is with the times and can take care of your loan at your own convenience.

Guaranteed Rate is highly regarded for having great interest rates that blow a lot of the competition out of the water.  The best way to determine what yours would be is to get in contact with them personally so that you can speak to a representative and get a quote.

In addition, Guaranteed Rate has one of the lowest requirements for credit scores within the entire banking industry, which is one of the reasons that their popularity has only increased in recent years.  To get yourself started on a conventional loan, you need a credit score of just 620 to be considered.

If you are on the hunt to get approved for a government-backed land loan, you are in luck, as Guranteed Rate offers both Federal Housing Administration loans and loans from the United States Department of Agriculture.  To qualify for an FHA Loan you need a credit score of just 600, which is one of the lowest that you will ever see, and to qualify for a USDA Loan, you will need a credit score of 620.


A huge name in the banking world is Chase, which is why it is no surprise to see that they are among the best banks for land loans in the United States.  Chase offers some incredible land loan options that rival just about any competitor in the industry, which is why you should definitely consider them as your loan provider.

This banking giant currently offers land loans with down payments that can be as low as just 3% of the value of the property.  This is the lowest that you can hope to get out of Chase and it will generally only be available to individuals who have an exceptional financial history, but you can find great options that are within that range otherwise.

Unfortunately, Chase does not display all of their credit score requirements for loans online, which is why the best way to get all of the details that you need is to get in touch with a representative or make an appointment at one of their branches, but you can expect to need a minimum of a 620 credit score to qualify for a conventional loan.  The great thing about Chase is that they are located all over the country and getting in touch with them is very practical.

Chase does also provide loans for individuals seeking an FHA Loan, which is great for those that are seeking low-interest rates and low money down options.  In addition, you can work with Chase to get a Veterans Affairs loan if you have served in the military.

New American Funding

New American Funding is a great bank to seek a land loan from as they are available in every state except for Hawaii.  They are an incredible option for individuals who are seeking a loan on a property with limited funds.  With that being said, you must still have a reasonable financial history and credit score.

You will find that New American Funding offers incredible downpayment options that are generally around 3%.  However, they are known for having money down options for some buyers that require zero down payment whatsoever.  In order to qualify, you should ideally have a credit score that is at the very least 620.

If you are consulting New American Funding and are not entirely sure what your finances will be in the coming years, this banking institution offers you the choice of having fixed or adjustable rates.  However, to understand more about their fees, you will need to contact them personally as they determine this on a case-by-case basis and do not provide definitive information online.

In addition, New American Funding is one of the most versatile banks for land loans, as they offer a wide variety of different programs to their customers.  If you are interested in a government-backed land loan such as through the Federal Housing Administration, the United States Department of Agriculture, or the Veterans Affairs, then you will be delighted to know that New American Funding supports all of these mortgage programs. Furthermore, New American Funding can assist you with home equity programs, refinancing, and reverse mortgages, which makes them one of the most dynamic banking institutions out there.

PNC Bank

PNC Bank is a well-recognized financial institution in the United States and has assisted thousands of people with their land loans.  They are regarded for their incredible speed, as they are known to preapprove their customers in under 30 minutes - with finalization taking up to 45 days.  However, this is how they advertise their longest possible timeframe - with PNC Bank generally delivering faster than this.

This banking institution is also known for offering land loans to customers who have credit scores that are as low as 620.  However, if you want to receive a larger loan, you should expect the minimum to go up to at least 700 if not higher in some cases.  They are also versatile with how you can contact them, as they have branches throughout the nation, but they also have an excellent online service that works just as efficiently.

In addition, PNC Bank is affiliated with many government loan programs such as the FHA, as well as the Veterans Affairs. .

Quicken Loans

There are few banking institutions within the United States that are as large as Quicken Loans.  They have been around for years and are as popular now as ever, which is why they are considered to be one of the best land loan providers of the decade.

Quicken Loans is also a bank that truly lives up to its name, as you can expect to get preapproved for a loan by them in as little as 10 minutes, which is far faster than just about anyone else involved in the industry.  With that being said, they will likely finalize your loan within 35 to 45 days, but this can actually be considerably faster so long as you do not have any significant financial complications.

This land loan provider is also available within all 50 States, so if you were interested in working with them as a banking institution, you should not have any issues making contact.  Unlike most traditional banks, Quicken Loans operates completely online, which can make contacting them even easier for many people - especially if you do not live in a city.

In order to qualify for a loan from Quicken Loans, you will need to have a credit score that is at least 620 to be considered.  However, they will also review some of your other financial payments to be thorough during your application process.  You can expect to find conventional and jumbo loans available to you if approved by Quicken Loans.  In addition, they are also working with government-backed loan programs such as the FHA - and if you are a veteran, Quicken Loans has got you covered.


In recent years, we have seen Ally become one of the most highly regarded land loan banks in the entire country, as they are praised for their speed, professionalism, and highly attractive rates.  Unless you live in Hawaii, New York, New Hampshire, Nevada, Massachusetts, Vermont, Virginia, or Maryland, then you should not have any issues working with Ally on your land loan.

Ally has received a remarkable reputation for delivering the speediest preapproval time in the entire industry - with many customers doing so in just 3 minutes.  Once you are preapproved, they follow through on their speed by closing your deal in just 35 days or less, which is significantly faster than most banks in the industry.  Applying is incredibly easy and you can take care of everything online in minutes.

In order for your loan to be finalized, you will first have to meet their credit score requirement of 620 or higher.  You can also expect Ally to need to weigh in on your other finances when considering your loan application.  An Ally representative will review your past bills for rent, utilities, and your credit reports.

Unfortunately, Ally does not support any major government-backed loan programs, which means that if you were after an FHA loan or USDA loan then you will need to seek a different bank.  In addition, Ally does not deal with loans tied to the Veterans Affairs.


Brittany Melling

Brittany Melling

Brittany has been in the land business since 2020 when the world was starting to shut down. Since then, we’ve sold to dozens of people from ATV weekend warriors to camping enthusiasts to retired truck drivers. Our inventory spans mostly in the western United States. We’ve been trained by experience, land acquisition courses, and hundreds of hours meeting with county assessors and clerks, zoning officials, realtors, and land investors. We’ve answered hundreds of questions from people regarding the buying and use of land.

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