Land Loan: lot or bare land
If you are currently an Oregon State Credit Union member or you live or work in Oregon, you are elegible for a land land. Our land loans are for the purpose of eventually building an owner-occupied residence. We do not require you to build in any set amount of time, therefore you have the flexibility to plan and build your dream home.
Features of a land loan
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Finance up to 80% of the value of the land
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15 year term
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Local decisions
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Fixed interest rate, fully amortizing
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Minimum down payment is 20%
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No pre-payment penalty for early payoff
A land loan is perfect if you want:
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To buy a piece of property to build a dream home
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A fixed interest rate
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To build equity for future construction
The kinds of land we finance
We offer land loans to purchase two kinds of property, with easy online application:
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Building lots — Defined as a lot within city limits that has immediate access to public utilities; streets, gutters and sidewalks in place. Meant for residential use only.
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Bare Land — Defined as 1-10 acres with basic improvements and utilities; septic system and drain fields. Meant for residential use only.
For our Premier Members
We offer a $500 reduction off lender fees for our premier members. This offer is not valid for Short Term Second Lien Home Equity Loans. See a Mortgage Loan Officer for further details on how to qualify for Premier Membership.
Here's an example of Land loan terms
Loan example: On a 15-year land loan of $180,000 and an estimated property value of $240,000 at 5.15% APR (interest rate 5.00%), monthly payments would be $1,423.43. Rate is based on specific product type. All loans subject to approval.
Apply now for a loan to buy land
Call us at 800-732-0173 or apply online. We’re happy to help you learn more about land loans, answer questions and talk about your options.
Apply here | Land loan at Oregon State Credit Union
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