Loans for land
If you’re looking to purchase a lot, or live on leased land, MPECU has you covered. If you’re looking for a fixer upper, we also have special programs!
For mortgage appointments, we will need:
- Most current paystubs (30 days)
- Two months of complete financial statement(s)
- Copy of Driver’s License
- Two years of W2’s and/or 1099s
- Two years of Federal and State tax returns
- Most recent quarterly statement for retirement and investment accounts
LOT LOANS
Purchase land lots for eventual building or vacant (recreational) land.
- Borrow up to 65% of the purchased price
- Repayment term of up to 10 years
- $150,000 maximum
Call Peter at (218) 336-1810
LEASED LAND LOANS
Lot can either be vacant or have an existing home on it.
- 7 year balloon term with up to 30 years for repayment
- $500,000 maximum
You can also refinance your current leased land loan with us.
Call Peter at (218) 336-1810
USDA RURAL DEVELOPMENT
USDA Rural Development Loans are designed to help make housing affordable for residents of rural areas. The USDA backs and services these loans.
– 0% down payment
– Qualified properties must be in designated areas as defined by the USDA — generally designated for properties in communities of 20,000 or less.
– Maximum income limits determined by geographic area
Call Peter at (218) 336-1810
Set up an appointment about USDA Rural Development Loans.
NMLS Information:
Peter- NMLS 747132
MPECU-728461
