Residential Lot Loans

Residential Lot Loans may be used to purchase or refinance a parcel of land only, located in South Dakota. The future intended use is for a primary residence or second home. The residential lot loan is not intended for speculation or commercial purposes. The highest and best use of the land must be single family residential.

Lot Requirements
The lot must be located in a marketable area and abut a public road. The land may not exceed 40 acres. Adequate electrical power, sewer, and water must exist or be readily attainable. Public electrical power must run adjacent to the property. If public sewer is not available, a copy of the septic site approval, signed or stamped as approved by the appropriate authority, or evidence of an acceptable perk test is required.

Rate and Term

  • 10 and 15 year fixed rate
  • Fixed rate 20 year amortization with 5 year balloon
  • Fixed rate 30 year amortization with 5 year balloon
  • Fixed rate 30 year amortization with 10 year balloon

Down Payment: Minimum 10% down payment

Escrow Account: Escrows for taxes and insurance are not required.

Maximum Loan Amount and Loan-to-Value (LTV) Ratio

  • 90% Maximum LTV
  • Maximum loan $150,000

Send us a message or call us today at 605-923-1405 or toll-free at 888-923-1400 for more information.