Online Banking

Construction and Land Loans

If you’re looking to build your dram home, purchase a lot, or build 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 bank 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

CONSTRUCTION LOANS

  • Close 1 time
  • Can finance through conventional (traditional) financing or with FHA

Call Peter at (218) 336-1810 or Jennifer at (218) 336-1820.

Set up an appointment about Construction Loans.

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 15 years
  • $100,000 maximum

Call Peter at (218) 336-1810 or Jennifer at (218) 336-1820.

Set up an appointment about Lot Loans.

LEASED LAND LOANS

Lot can either be vacant or have an existing home on it.

  • 3 year balloon term with up to 30 years for repayment
  • $200,000 maximum

You can also refinance your current leased land loan with us.

Call Peter at (218) 336-1810 or Jennifer at (218) 336-1820.

Set up an appointment about Leased Land Loans.

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 or Jennifer at (218) 336-1820 to set up an appointment.

Call Peter at (218) 336-1810 or Jennifer at (218) 336-1820.

Set up an appointment about USDA Rural Development Loans.