Many people dream of a summer home at Smith Mountain Lake, or would even like to make their full time residence there. For many of those folks the ideal plan would be to pick out the perfect piece of waterfront property and then to build their dream home on that lot. Often, however that does not seem possible financially. Right now Salem Financial is making it more possible by offering 100% financing and 3 different loan options to choose from. Contact Edgar Tuck for more information (see below).
You can now finance up to 100% on your lot purchase using one of three loan terms. One option allows you up to 3 years to build while only having to pay the accrued interest monthly. The 2nd option would include principal being paid down during the initial 3 year period. If you aren’t sure when you intend to build, then you can select a 10 year loan. You can finance up to 10 acres under any of these programs and your lot does not have to be in a platted subdivision.
If you are looking at larger acreage tracts, we can offer competitive financing up to 85% of your purchase price with loan terms as long as 20 years.