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Bare Land Loan

The piece of land you want is within reach

When you're ready to build, get a piece of land that works for your goals with a Bare Land Loan from SFCU. With competitive rates and flexible terms, it has never been easier to purchase the piece of land you need.


Variety of Uses

Enjoy the flexibility to use the funds how you want with a Bare Land Loan that works for primary or secondary residences.


Multiple Ways to Apply

It's easy to apply for a Bare Land Loan from SFCU. Visit us in the branch or apply online in just a few minutes.

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Variety of Terms

Find the Bare Land Loan that best suits your needs and budget with various rate types and repayment terms.


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As low as APR*

Estimate your monthly payment

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Loan Amount
Variety of Uses

Use the funds how you need

Whether you're looking to purchase land for your primary or secondary residence, an SFCU Bare Land Loan can help! You have the financial flexibility to use the loan funds to purchase just about any land property you need. You can even refinance your existing land loan to lower your rates.

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Variety of Terms

Choose the Bare Land Loan that works for you

There are plenty of Bare Land Loan types to fit just about any budget. Choose from a variety of repayment terms and rate types to get the monthly payment exactly where you need it.

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I had the easiest loan process in my life.

— Scott T

How it works

Let our Mortgage Professionals guide you through the process

  • 1

    Complete an application

    Apply with one of our expert Mortgage Specialists

  • 2

    Get response

    We'll crunch the numbers and let you know if you're approved.

  • 3

    Use the Funds

    Purchase the lot of land of your dreams!

Apply for a Bare Land Loan


Have a question? Get in touch with us

Get the land, build your castle

With a Bare Land Loan from SFCU, you can get flexible rates and terms to purchase the land of your dreams without breaking your budget.


Annual Percentage Rate (APR) - Based on the final loan amount and applicable finance charges.

Monthly Payment Examples (excludes any applicable taxes & insurances):ย Assumes a loan amount of $100,000. All adjustable payments (including First Time Home Buyer Mortgage) quoted assume a 30-year amortization (unless noted).
100% Financing Mortgage payment quoted assumes a 20-year amortization.
Drop My Rate Mortgage payment quoted assumes 25-year amortization.
Vacation Home payment quoted assumes a 15-year amortization.
Manufactured/Mobile w/Land payment quoted assumes a 20-year amortization.

Purchase & Limited Cash Out Maximum Loan-To-Value (LTV):ย *Mortgages with LTV over 80% require Private Mortgage Insurance except for the First Time Home Buyer Program. Maximum LTV may vary contact SFCU for details.
Primary Residence (Single Family) โ€“ 97% LTV
Primary Residence (2-4 Family) โ€“ 95% LTV
  • LTV 80.01% - 89.99% - Rate Add 0.25%
  • LTV 90.00% - 95.00% - Rate Add 0.50%

Vacation Home/Second Home (Single Family) โ€“ 80% LTV
Manufactured/Mobile Home โ€“ 80% LTV
Bare Land Loan โ€“ 70% LTV

Cash Out Maximum Loan-To-Value (LTV):
Primary Residence (Single Family) โ€“ 80% LTV
Primary Residence (2-4 Family) โ€“ 75% LTV

Escrow Requirements:ย Any mortgage with an LTV over 80% requires an escrow account be established.
Homeowners Insurance:ย Proof of homeowners insurance is required on all residential loans. Proof of flood insurance may be required.
Jumbo Mortgages:ย Are available and are 0.25% higher rate. Contact the Credit Union for details.

First Time Home Buyer Program: 
15/15 Adjustable-Rate Mortgage with 30-year amortization.
100% financing of the purchase price/appraised value, whichever is lower.
Private Mortgage Insurance (PMI) not required.
Single Family primary residences only.
Escrow Required.

100% Financing Mortgage:
5/1 Adjustable-Rate Mortgage with 20-year amortization or 20-year fixed rate.
100% financing of the purchase price/appraised value, whichever is lower.
Single Family primary residence only.
Private Mortgage Insurance (PMI) required.
Escrow Required.

Drop My Rate Mortgage:
25-year fixed rate mortgage.
No-refi rate drop request available until after 12 months.
You must pay attorney fee document preparation fee, county recording fee and processing fee.
Maximum # rate drop requests โ€“ 2 (with at least 12 months between each request).

Required criteria to engage no-refi rate-drop option:
  • Loan must be current with no more than one monthly payment, which includes principal, interest, taxes, and insurance, that has been 30-days late or more within the last 12 months of your request.
  • Made at least 12 consecutive monthly payments, which includes principal, interest, taxes, and insurance, on your loan since closing or the last time you exercised your no-refi rate-drop option.
  • You do not have an active bankruptcy case pending or you have not filed for bankruptcy protection within 6 months prior to your request.
  • Loan is not in an active loss mitigation option, process, or consideration.
  • Continue to own the property, notwithstanding successor-in-interest exceptions
To take advantage of the no-refi rate-drop option, you must contact SFCU. You are responsible for monitoring SFCUโ€™s available rates and determining when to take advantage the no-refi rate-drop option, subject to the eligibility criteria identified above. Contact SFCU at 1-877-642-7328 to check your eligibility and current rates. SFCU will only reduce the interest rate all applicable criteria are satisfied at time of your request.

Engaging the no-refi rate-drop option will permanently reduce your interest rate, as well as the remaining principal and interest payments on your loan but will not modify any other terms contained in your loan documents, including the principal balance, maturity date, and additional amounts due for escrows as part of your monthly payment.

Adjustable-Rate Mortgage rate and payment changes:
The rate indicated for adjustable-rate mortgages is the initial rate and is subject to increase. Adjustable-Rate Loans may be amortized over 20, 25 or 30 years. Manufactured/Mobile with land is amortized over 15 or 20 years.

Example: The 5/1 ARM will have a constant interest rate for the first five years. Then the adjustable rate may change annually thereafter ("Change Date" as indicated in the Note) based on an "Index" which is the 1-Year Constant Maturity Treasury (1-Yr CMT) adjusted to a constant maturity of 1 year as made available by the Federal Reserve Board. The most recent index available as of 45 days before each Change Date is called the "Current Index". Before each Change Date, the Note Holder will calculate the new interest rate by adding the "Margin" to the "Current Index". The note holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). This rounded amount will be the interest rate until the next "Change Date". The rate may not adjust more than the Per Adjustment Cap indicated above on each "Change Date". The total loan adjustment will not adjust more than the Lifetime Cap indicated above over the lifetime of the loan. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that would be due in full on the maturity date at the new interest rate in substantially equal payments. The result of the calculation will be the new amount of monthly payment.

Additional Disclosure Details:
  • Rates are subject to change at any time.
  • The Credit Union reserves the right to modify or suspend any conditions of the loan programs at any time without prior notice.
  • Loan must meet credit, appraisal, and other guidelines. Title insurance is required.
  • Mortgage loans are available in NYS only.