Vacant land mortgage loans are designed specifically for borrowers that 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.

Details

• Eligibility - Maximum 10 acre parcels – up to 20 acres on a case by case basis.
• Loan Type - Fixed Period 3/1 Adjustable Rate Mortgage (ARM); Add 1 percentage point to 3/1 ARM Rate.
• Loan amount: $5,000 - $200,000.
• Property must be zoned for 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:
  o Platted Subdivision – 30%
  o Stand-alone – 30%
  o Cash-out refinances also available up to 50% of the value

Benefits

• Lower initial rate
• Low monthly payments
• Less risk to borrowers who want interest rate protection with a competitive rate
• Payments amortized for 30 years
• No prepayment penalties

Call 586.263.8800, option 5 for more information.

*Annual Percentage Rate