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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%  

A Vacant Land Loan from Michigan Schools and Government Credit Union offers:

  • Adjustable or Fixed Rate financing options available
  • 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.

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 2, for more information.
 

Rates as of Monday, September 18, 2017

Product DescriptionRates as low asAPR*Fully Indexed RatePayments
Vacant Land - Fixed
10-Year Fixed - Vacant Land4.125%4.158%N/AShow Payments
Vacant Land - ARM
5-Year ARM - Vacant Land5.375%3.847%2.875%Show Payments

*APR - Annual Percentage Rate

**Fixed-Rate Assumptions: The payment is based on a $50,000 loan amount (70% loan-to-value) and consists of principal and interest only. The payment does not include taxes and insurance premiums. The actual payment amount will be greater. The APR includes a Processing Fee of $395, an Underwriting Fee of $450 and 0.25% Discount Point ($125).

**Adjustable-Rate Assumptions: The initial payment is based on a $50,000 loan amount (70% loan-to-value), amortized for 30 years. The interest rate is variable and subject to change after 5 years. After the initial 5 years, the principal and interest payment can change every year for the remaining life of the loan. The payment consists of principal and interest and does not include taxes and insurance premiums. The actual payment amount will be greater. The APR includes a Processing Fee of $395, an Underwriting Fee of $450 and 0.25% Discount Point ($125).