sweet glasses looker! I've seen up to 30 years with the arm, but I would get some opinions on the price of lots! They can very dramatically and people get talked into buying them and find out later that the developer or builder didn't pay his bills and you get stuck with liens for the unpaid balance to the contractors for the home or the development. Use an agent, (it is a must) get a eagle policy or plain language title policy, use a reputable large title company. You don't want the owner to shut the doors and go to mexico with the escrow account. Ask for a reissue rate since the lot was probably issued a different policy in the last two years. If your agent isn't thinking of these questions than use a different agent!

Loans are changing quickly with the market in mass uproar now. It will depend on your loan. Many builders or land Companies such as the Company that I work with Split Rock Fine Home require you to have a build out time frame anywhere from 5 to 10 years. At that time you can roll over your lot loan into you contstruction loan. Upon completion of the loan you would finance the entire contstruction loan in to a conventional loan lot and all.

You can get a 30 year amortization but that will be with an arm.

A,

The term is not going to be your issue, for lots, lenders typically look for a much more substantial down payment. Land by itself has little "utility", and hence can swing widely in value in a short period of time, much more so than "improved" land with a home on it. Getting a 10 year on a lot should not be an issue at all, and many in our area will do 15 to 20.

Good luck,

Jeffrey