Vacant Land Loans

Purchase Your Dream Lot

GTE Financial offers a great product for home sites in Florida at or under 10 acres.

Vacant Land Loans are Adjustable Rate Mortgages for the purchase of vacant land under 10 acres, to be used to build a single-family home on or a primary residential occupancy. With this ARM product, your Annual Percentage Rate will stay the same for the first 5 years of the loan versus changing every year. After 5 years, the rate will adjust annually, depending on the market. The term of the loan is 15 years and the maximum loan to value ratio (LTV) is 70%; the purchaser would need to put at least 30% down.


Features & Benefits

Best Choice If:

  • You are looking for a loan to purchase vacant land.
  • You are looking to enhance your buying power, and you want to take advantage of a lower initial rate versus a Fixed Rate loan, but at the same time, want to know your rate will be stable for the first 5 years.
  • You want to keep your rate, which affects monthly payments, low at the beginning of your loan.

Other Features:

  • Rate caps = 2% per adjustment and 5% over the lifetime of the loan. A rate cap is a limit on how much the rate can change at the end of each adjustment period over the life of the loan.
  • Index = 1 year LIBOR
  • Margin = 2.250%
  • Conversion to a Fixed Rate home loan is not currently available.
An example APR for a Vacant Land Loan is 5.354%. An example monthly mortgage payment of principal and interest is $402. The example quotes are based on a property value of $100,000 and a loan amount of $50,000. The Annual Percentage Rates (APR) stated is an estimate and is intended for informational use only. Your actual APR may vary based on your actual loan amount. Please speak with a Loan Executive for additional information about our rates and fees. Rates are subject to change without notice. Your actual rate and/or points may be different, as many factors are evaluated for a loan approval. This product is subject to change or cancellation at any time without prior notice.