Mortgage Daily Logo
mortgage news from industry experts

Countrywide Rolls Out Lot Financing

Countrywide Rolls Out Lot Financing

Owner occupied or 2nd homes acceptable

February 6, 2006


photo of Coco Salazar
The nation’s largest originator now finances vacant land.

Countrywide Home Loans Inc. recently announced it will finance lot purchases for properties that will either be owner-occupied or used as a second home.

The Lot Loan Program, as it is dubbed, is being offered by the Calabasas, Calif.-based mortgage banker through all of its divisions, including wholesale and correspondent channels, spokeswoman Janet Quan told

Loans made under the new program, available only in 14 states initially, have a two-year term with a one-time, optional six or 12 month extension, the statement said. The adjustable rate mortgages are based on the prime rate and require interest-only payments.

“A consumer can work with us to find out whether they qualify for a lot loan and at the same time, if they choose to, they can apply for the funds needed for construction of the home and the purchase of the home after construction is completed,” said Jack L. Haynes, executive vice president of Countrywide’s National Builder Division, in an announcement.

Coco Salazar is an assistant editor and staff writer for

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts