Vacant land loans are only available for property in Michigan. Construction home loans are only available in Michigan. Rates are based on creditworthiness, loan-to-value (LTV), property type, and other factors associated with your loan application, your rate may be higher.
There is an origination fee as low as $995 to process the mortgage loan. Rates can be locked at your request, once a complete application has been submitted. Fixed 60-day rate lock for purchase/refinances. Preapprovals receive a rate guarantee up to 60 days, and receive a rate lock when a signed purchase contract is provided.
Construction Mortgage Special Fine Print
MSUFCU members who finance a land purchase with a new MSUFCU vacant land mortgage loan will receive a $500 lender credit on a MSUFCU Construction mortgage loan if approved and closed within two years. Both loans must be on the same property. Subject to change and cannot be combined with any other mortgage offers.

Fixed-Rate Vacant Land Mortgage Loan Payment Example: A Michigan property, vacant land, lot loan with intent to build a primary residence within two years, with a purchase price of $62,500 with 20% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $50,000 borrowed at a 7.50% interest rate (8.027% APR) for a term of 180 months would require monthly payments of $459.96. Payment example does not include property taxes and your monthly payment obligation will be higher. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender.

3/1 ARM Vacant Land Mortgage Loan Payment Example: A Michigan property, vacant land, lot loan with intent to build a primary residence within two years, with a purchase price of $62,500 with 20% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $50,000 borrowed at a 6.75% interest rate (7.659% APR) for a term of 180 months would require monthly payments of $442.45. Payment example does not include property taxes and your monthly payment obligation will be higher. With a 3/1 ARM, your loan will have an initial fixed-rate period of 36 months. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of the reset. Rate is variable after the fixed-rate period and subject to change every year for the remaining life of the loan. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender.