Partners 1st is now offering land loans for members in Northeast Indiana. This is an excellent option for purchasing land now for future construction.
Partners 1st Land Loan Features
• 3 year balloon with 30 year amortization
• Option to refi once at end of initial 3 years
• For future construction only (residential)
• $5000 minimum loan amount/$150,000 maximum
Available for members in Northeast Indiana only. Maximum of 10 acres. Land must be zoned residential with access to utilities. 1st lien only; primary and secondary residence. Rate fixed at 2.5% above WSJ prime. 25% down payment required. 75% maximum LTV. Minimum credit score of 680. Borrower pays closing fees and cost of survey (required). No escrow. No appraisal required.