Construction, Vacant Land, and Manufactured Home Loans
Build the home of your dreams or make the most of your investment dollar with SLFCU.
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CONSTRUCTION LOANS
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.
VACANT LAND LOANS
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.
MANUFACTURED HOME LOANS
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.
RATES FOR NON-OWNER OCCUPIED MORTGAGES
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 CreditLines 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: Friday, April 19, 2024 | |||||
| Name | Type | Term | Initial Rate | APR | Payment Per $1,000 Financed |
| Non-Owner Occupied 5/51 | 1st | 30 year amortization | As low as 7.750% | As low as 8.031% | $7.16 |
| Home Equity CreditLine 2 | 1st | 15 years | As low as 8.875% | As low as 9.245% | $10.07 |
| Home Equity CreditLine 2 | 2nd w/ SLFCU 1st | 15 years | As low as 9.375% | As low as 9.789% | $10.37 |
| Vacant Land 3 | 1st | 12 years | As low as 7.875% | As low as 8.166% | $10.76 |
APR=Annual Percentage Rate. 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: $726,200, Vacant Land: $100,000.
1 Variable rate loan adjusts up to 2.25% every five years and will not vary more than 4.5% from the rate at issue. Available rate based on credit history. Not everyone will qualify for lowest rate. 5.5% floor rate after origination. Loan payments adjusted every five years if necessary. Payments based on 30-year amortization, repayment term of 15 years with a balloon payment at end. Maximum loan to value is 75%.
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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