4. Home equity loan

If you have an existing home with significant equity, it may be worth getting a home equity loan instead.

There’s no down payment on a home equity loan. What’s more, you can typically get a low interest rate, regardless of what you plan to do with the land.

The downside is that if you default on the loan, you could lose your home.

Depending on the lender and the loan, your repayment term could be anywhere between five and 30 years.