5/6 Month Vanant Land ARM

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.

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.

Features & Benefits

  • Best choice if you are looking for a loan to purchase vacant land.
  • Initial Adjustment up to +/-2.00% first rate change after first five-year term.
  • Subsequent Adjustment every 6 months thereafter, rate adjustment may not result in an increase or decrease of more than 1.00% from the prior interest rate.
  • Rate cap at 5%. A rate cap is a limit on how much the rate can change at the end of each adjustment period over the life of the loan.
  • Index = SOFR
  • Margin = 3.0%
  • Conversion to a Fixed Rate home loan is not currently available.

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.