Land loans are a common first step for buyers who want to secure the right location before finalizing construction plans, hiring a builder, or securing a construction loan. Once you own the land and are ready to build, Pelican can work with you on the next phase.
WHy Choose Pelican
Pelican offers up to 100% financing for qualified borrowers, so you can secure your land without waiting until you've saved a large down payment.
Whether you've found a cleared, utilities-ready lot in a planned subdivision or a wooded parcel that hasn't been touched, Pelican can finance both.
As a not-for-profit credit union, Pelican returns earnings to members in the form of competitive rates. You're not paying the margin a bank builds in for its shareholders.
Pelican's local mortgage team reviews your application, ensuring faster decisions and a loan officer who knows your market.
A land loan is not a construction loan. You are not required to begin building immediately after closing. Take the time to finalize your plans, choose your builder, and prepare for the next phase on your own timeline.
Ways to use your loan
Not all land is the same, and different property types carry different loan considerations.
A developed lot is a parcel in a platted subdivision that typically has access to utilities such as water, sewer, electricity, and road frontage. These are generally easier to finance and may qualify for better loan terms because the infrastructure is already in place.
Raw land has no utilities, structures, or improvements. It typically requires more due diligence on zoning, access, and future buildability. Loan terms may differ from those on developed lots.
Getting prepared
Having your documents ready before you start helps move your application forward faster.
The address or legal description of the land you intend to purchase, along with any available survey documents or plat maps. If you don't have a specific property yet, you can get pre-qualified first and shop with confidence.
Requirements vary by income type. Traditional employees need their two most recent W-2s and 30 days of pay stubs. Self-employed applicants should provide two years of signed tax returns. Retirement income requires the two most recent 1099s.
Depending on your application, you may also be asked for government-issued ID, recent bank statements, and information about any existing mortgages or liens on other properties you own.
dedicated Support
Pelican's licensed mortgage loan officers work with you throughout the entire process, from pre-qualification through closing. We’re here for you when you need us!
