Lot Loans
Foundation for the Future
Looking to build from the ground up? Get started with our affordable Lot Loan. Our Lot Loans are designed for a smooth transition from lot loan to construction loan.62
Product Features
-
$1,000 Construction Loan Credit
-
Up to 80% Financing Available16
- Fast Pre-qualification Decisions, Online or Over the Phone
- No Intangible Tax21
- SCCU Member Service for the Life of the Loan
- SCCU Interest Rate Guarantee18
| Application Fees |
None |
|---|---|
| Intangible Tax |
None |
| Origination Fees |
$1,100 plus .25% of loan amount |
| Pre-Payment Penalties |
None |
| Terms |
3 year fixed interest only with balloon65 |
Frequently Asked Questions
A land loan can be used to purchase raw land that is not ready for development. For this reason, land loans are sometimes referred to as raw land loans.
On the other hand, a lot loan can only be used to purchase land that is already prepared for development. For example, the land being purchased usually already has the following:
- A land survey report that denotes the lot's boundaries.
- Appropriate zoning with the city or county
- Access to public road, water, electricity, gas, sewer, etc.
At SCCU, we offer lot loans.
You can get started online or by phone.
Have questions? Our Team Members can help you find the loan that's right for you, and take your application over the phone in just minutes. Once your application is completed, your personal Mortgage Representative will contact you within one business day.
Yes. We've created our Lot Loan, knowing that down the road you will most likely want to build on the property. Therefore, we offer a $1,000 Construction Loan credit to help you get started.
Yes, the balance of the loan would be rolled into the construction loan.
The lot must be zoned and ready for residential building. This includes having access to a public road and utilities. Property must be less than 5 acres.