The answer is yes to both of these questions. Years ago, many lenders chose not to finance vacant land, however times have changed and lenders have realized how great of an investment land is, and how many people have land in their portfolio. Most banks and credit unions welcome vacant land purchasing. Depending on the lender your investment may vary from 10 to 20% down, and the bank will finance the balance. Please note the bank is the one taking the majority of the risk, so they will want to make sure you are investing in quality buildable property.
Now to answer the pre-approval question. Getting pre-approved helps determine an affordable budget. It allows you to find the best loan program that works for you. Being pre-approved gives you a jump ahead of other prospective buyers. Many sellers look at a pre-approval as the same as a cash buyer. It shows the seller that you are a serious buyer, and that you are able and ready to take the next step. It takes a big “if” out of the seller’s mind, and more importantly it helps eliminate and removes unexpected delays in your purchase process. It helps to being able to close sooner, so you can enjoy your land, and that is the final goal.
Once again, Thank-You for reading my post, and till next time