Vacant Land Loan
Vacant Land Loans are designed specifically for borrowers who want to purchase parcels of unimproved land or refinance existing loans secured by unimproved land. Such parcels may be located in a developed, platted subdivision or may be stand-alone parcels.
Loan Eligibility:
- Maximum 10-acre parcels – up to 20 acres on a case-by-case basis.
- Property must be zoned Residential or Agricultural (No Commercial or Industrial Zoning).
- Electricity must be available.
- If municipal sewer and water is not available, land must be able to support a well and septic system.
Minimum Down Payment:
- Platted Subdivision – 30%
- Stand-alone – 30%
- Cash-out refinances also available up to 50% of the property's value
A Vacant Land Loan from Michigan Schools and Government Credit Union offers:
- A low, competitive initial rate
- 3/1 Adjustable-Rate Mortgage (ARM) with low monthly payments
- Payments amortized for 30 years
- No prepayment penalties
- Loan amounts up to $200,000
Contact one of our Mortgage Specialists today if you are in the market for vacant land.
| Vacant Land Loan | |||
| This interest rate is based on 10 acres or less. For parcels in excess of 10 acres, contact our Mortgage Department at 586.263.8800, option 4, for more information. | |||
| Term | Rates as low as | Points | APR* |
| 3/1 ARM | 4.500% | 0.25% | 6.789% |
| Example: A loan amount of $50,000 at 4.500% would have a monthly payment of $253.34 for the first three years. The payment adjusts annually thereafter based on current market rates. | |||
| *APR = Annual Percentage Rate | |||
