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Our Contact Center is experiencing longer than usual wait times and occasional loss of audio by the caller or the SLFCU representative. If this happens to you when speaking with our Contact Center, please remain on the line as the audio is often re-connected. If your call is disconnected, an SLFCU representative will call you back. We are working diligently to resolve this issue and thank you for your understanding and patience.

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Couple moving in to a new home.

Construction, Vacant Land, and Manufactured Home Loans

Build the home of your dreams or make the most of your investment dollar with SLFCU. 

Apply Now     Estimate Your Payments


Go from a vacant lot and blueprints to move-in day with financing and terms to fit your budget. An SLFCU construction loan has a 12-month construction period with interest-only payments while you're building. Construction loans are currently only offered in the greater Albuquerque area.


Get great terms and low costs from SLFCU. With 12 year terms, 75% loan-to-value, and no points, you can get more for your investment dollar. Call 505.237.7161 or 800.947.5328, ext.7161 to speak to an SLFCU loan officer for more information or to apply.


SLFCU offers 5/5 adjustable rate mortgages for manufactured home purchases and refinances. Properties must be owner-occupied in order to be considered. The home must not be more than 20 years old and must be permanently attached, taxed as real property, and used as the primary residence. Availability areas are limited. Call 505.237.7161 or 800.947.5328, ext. 7161 to speak to an SLFCU loan officer for more information or to apply. 


SLFCU offers a 5/5 adjustable rate mortgage up to 75% loan-to-value for 1-4 family properties that are non-owner occupied. 30 Year amortization, 15 year balloon. Home Equity Credit Lines are also available up to 75% loan-to-value, 5 year draw/15 year amortization. Call 505.237.7161 or 800.947.5328, ext.7161 to speak to an SLFCU loan officer for more information or to apply.

Non-Owner Occupied
Effective Date: Monday, December 5, 2022
NameTypeTermInitial RateAPRPayment Per $1,000 Financed
Non-Owner Occupied 5/51 1st 30 year amortization As low as 5.97 As low as 6.13 $5.98
Home Equity CreditLine 2 1st 15 years As low as 6.22 As low as 6.22 $8.56
Home Equity CreditLine 2 2nd w/ SLFCU 1st 15 years As low as 6.72 As low as 6.72 $8.83
Vacant Land 3 1st 12 years As low as 6.47 As low as 6.81 $10.00

Return to home loan options

APR=Annual Percentage Rate. $45 initial credit report fee collected for all mortgage applications. Index is the six-month moving average of the yield of the 10-year U.S. Treasury Note. Third party fees may apply in certain circumstances. Additional fees may apply outside New Mexico. Survey fee may be required. You will receive an estimate of closing costs when you apply. Consult your tax advisor regarding the deductibility of interest. You must insure the property that secures the loan. Subject to credit approval. Fees subject to change without notice. APR calculations are based on the following loan amounts: Non-Jumbo: $180,000, Jumbo: $647,200, Vacant Land: $100,000.

1 Variable rate loan adjusts up to 1% semi-annually and will not vary more than 6% from the rate at issue. 4.5% floor rate after origination. Loan payments adjusted every year if necessary. Payments based on 30-year amortization, repayment term of 15 years with a balloon payment at end. Maximum loan to value is 80%.

2 Variable rate loan adjusts quarterly with adjustment not to exceed 0.5% and will not vary more than 7.0%. 5.5% floor rate. Five year draw period and a 15-year repayment period. Payments adjust with every draw and once a year if necessary. Jumbo loans are available; contact SLFCU for details. 

3 Variable rate loan adjusts up to 2% annually and will not vary more than 6% from the rate at issue. 5% floor rate. Loan payments adjusted every year if necessary. Maximum loan to value is 75%.

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