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Lot and Land Loans
Buying a piece of land can be the first step toward building your dream home or commercial property. Lot Loans, also known as land loans, are specialized loans for land designed to finance these purchases. Whether considering a raw land loan or one for developed land, understanding the unique aspects is key to success.
Building on the right foundation
When you’ve found the right lot for your future home, your UCCU Home Buying Expert will be ready with low rates, flexible terms, and the best options. Each piece of land is unique and different, so it is always best to talk with a UCCU expert to get tailored help specific to your unique purchase.
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Ready to purchase some land? Let our financing experts help you with all your financing questions from competitive rates to loan duration. Let us help you become a land owner!
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Available M–F 8am–6pm, and Sat. 9am–2pm,
What are Lot/Land Loans, and how do they differ from regular home loans?
Lot Loans are specialized for lot purchases, and they often have different qualification criteria, interest rates, and terms compared to standard home loans.
Are interest rates higher for land loans compared to home loans?
Generally, interest rates for lot loans can be higher due to the perceived higher risk associated with undeveloped or underdeveloped land.
What are the common down payment requirements for land loans?
Down payment requirements for land loans are typically around 20% of the land value.
How long are the typical terms for loans for land?
Terms for loans for land can vary, they often range from 3-5 years based on a 30 year amortization.
What are the Different Types of Loans for Land
When it comes to lot for land, there are typically two main categories: raw lot loans and developed land loans. Raw lot loans are often used for purchasing unimproved land, while developed land loans cover land with some improvements, such as utilities. Understanding these distinctions can guide your choice. At UCCU, we mostly deal with developed land loans, but if you are looking for raw land, give us a call, and we can help accommodate where possible.
UCCU offers all types of mortgage, construction, and home equity loans:
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