Vacant Land Loans are Adjustable Rate Mortgages for the purchase of vacant land up to 10 acres, to be used to build a single-family home as primary residence. With this ARM product, your Annual Percentage Rate will stay the same for the first 5 years of the loan versus changing every year. After 5 years, the rate can adjust every 6 months, depending on the market. The term of the loan is 15 years and the maximum loan to value ratio (LTV) is 70%; the purchaser would need to make at least a 30% down payment.
5/6-month Vacant Land ARM
If you find the lot of your dreams, now may be the time to purchase. GTE Financial offers a great product for home sites in Florida at or under 10 acres.
Purchase Your Dream Lot
GTE Financial offers a great product for home sites in Florida at or under 10 acres
Features & Benefits
- Great for home sites in Florida under 10 acres
- Best choice if you are looking for a loan to purchase vacant land
- Rate cap at 5%
An example APR for a Vacant Land Loan is 5.008%. An example monthly mortgage payment of principal and interest is $837. The example quotes are based on a property value of $100,000 and a loan amount of $50,000. The Annual Percentage Rates (APR) stated is an estimate and is intended for informational use only. Your actual APR may vary based on your actual loan amount. Please speak with a Loan Executive for additional information about our rates and fees. Rates are subject to change without notice. Your actual rate and/or points may be different, as many factors are evaluated for a loan approval. This product is subject to change or cancellation at any time without prior notice. All loans are subject to approval.