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Many of SLFCU’s branch lobbies have re-opened for member service with additional safety precautions. Kirtland and Livermore East remain closed. Learn more. To read more about how COVID-19 is affecting SLFCU, click here.

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Couple moving in to a new home.

Construction and Vacant Land Loans

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

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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.


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. 


Non-Owner Occupied
Effective Date: Monday, June 1, 2020
NameTypeTermInitial RateAPR
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%

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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%.

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