5-Year Balloon Lot Loans
- For purchase of residential lots
- Down payment as low as 20%
- Competitive rates and costs
Everyone needs a place to put down roots
For now, it's just rocks and soil. But to you, it's something more - the land where you plan to build your future. At Purdue Federal, we offer customized loans for undeveloped residential lots. With the help of our affordable rates and comfortable down payments, you'll soon be calling this place 'home.'
Lot Loan Features
- Five-year amortized loan, with balloon payment at end
- Allows borrowers to purchase undeveloped land or refinance from other institutions
- Construction of a home within 5 years is required
- Competitive rates and closing costs
- Available with as little as 20% down
- Local servicing for the life of the loan
- Financing available in Tippecanoe and surrounding counties, and Northwest Indiana
Purdue Federal Credit Union serves members worldwide and operates branches throughout Greater Lafayette, Crown Point and La Porte, Indiana.
Helpful Resources
4 NOTICE: Current credit freezes you MAY have placed on one of the following bureaus – Experian, Equifax or TransUnion – will delay processing of your loan application. To avoid this delay, consider temporarily lifting all credit freezes.
3 Subject to credit approval. Other terms and conditions may apply. Membership eligibility required.
5 Please visit the Nationwide Mortgage Licensing System (NMLS) to review the registered status of Purdue Federal employees.