Land Loans

Use a Land Loan to finance the purchase of a plot of land. Texell offers land loans that may be used to build a home or for personal recreational use.

The documents required when applying for a land loan include:

1. Valid government-issued ID       
2. Social Security Card
3. Proof of income (pay stubs, award letters, or retirement statements)
4. Asset statements (last two months) 
5. Tax returns (last two years)
6. W2s (last two years)
7. 1099s (last two years if self-employed)
8. Mortgage statements (for any properties owned)
9. Homeowners insurance (for any properties owned)
10. Survey (for the land to be purchased, if available)

In Texas, you can borrow up to 80% of the property's fair market value or the purchase price, whichever is less. For example, if the plot of land is worth $85,000, but the purchase price is $80,000, you can borrow up to $64,000.

Depending on how quickly Texell receives the appraisal, the land loan process can take 30–60 days.

You will use a Land Loan to acquire/purchase a piece of land. You will use a Construction Loan to fund the construction of a home which may include purchasing the land. Texell does not currently offer construction loans.

No, land loans are strictly for personal usage, either for building a home or recreation. If your land purchase is to build commercial property, an SBA 504 loan is the place to start. For more information about SBA loans through Texell, click here.