Construction and Vacant Land Loans
Build the home of your dreams or make the most of your investment dollar with SLFCU.
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.
VACANT LAND LOANS
Get great terms and low costs from SLFCU. With terms up to 12 years, 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.
RATES FOR NON-OWNER OCCUPIED MORTGAGES
|Effective Date: Monday, June 1, 2020|
|Non-Owner Occupied 5/51||1st||30 year amortization||5.00%||5.14%|
|Home Equity CreditLine 2||1st||15 years||5.50%||5.50%|
|Home Equity CreditLine 2||2nd w/ SLFCU 1st||15 years||5.50%||5.50%|
|Vacant Land 3||1st||12 years||5.00%||5.32%|
APR=Annual Percentage Rate. $45 initial credit report fee for all mortgages. 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: $500,000, 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%.Go to main navigation