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Peninsula Credit Union offers a variety of Land & Construction loan programs to meet your needs.
 
All In One Construction - 15 Year Balloon
5 Year Balloon 75% LTV
15 Year Fixed 95% LTV
Pathway to Homeownership
15 Year Fixed 85% LTV Land A
15 Year Fixed 80% LTV Land B
15 Year Fixed 75% LTV Land C

All In One Construction - 15 Year Balloon
30 year amortization, 15 year balloon, interest only first 12 months. During the construction period of your mortgage, your monthly payment will be calculated as the interest due based on the original amount of your loan. After the construction period ends your monthly payments will be calculated based on the original amount of your loan, the applicable interest rate, and remaining loan term.

Term: 10 years  
RatesAPRPoints
7.875%8.183%0%
 
Important Notices:
•During the construction period, you will be billed monthly for interest due based on the outstanding balance of your construction loan during the month. The monthly payment amount shown above is an estimate of your payment after the construction period ends. The estimated monthly payment amount shown includes principal and interest. Your actual monthly payment will be higher if an escrow/impound account is established or required. 
•The interest rates, annual percentage rates (APRs), and points shown are subject to change without notice. 
•The monthly payment amount shown includes principal and interest. Taxes, property insurance, and flood and mortgage insurance (if applicable) are not included in the monthly payment amount. Your actual monthly payment amount may be higher. An escrow account may be required. 
•Your APR will vary based on your final loan amount and finance charges. 
•Escrow accounts are not available on the following products: Construction Loan - 12 Month, All In One Construction Loan.

5 Year Balloon 75% LTV
15 year amortization, balloon in 5 years, maximum Loan-to Value 75%
Finished Lot = Utilities Complete, 680 minimum credit score, max loan amount of $726,200


Term: 5 years  
RatesAPRPoints
7.79%8.33%0%
 
Important Notices: 
Unimproved property for the purpose of building a future single family residence. 
Site must be residential in nature. 
25 acres maximum.  
The credit union does not finance land for investment purposes.

15 Year Fixed 95% LTV
15 year fixed / Max 95% loan-to-value / Max loan amount not to exceed $250,000 / 680 minimum credit score

Term: 15 years  
RatesAPRPoints
9.09%9.437%0%
 
Important Notices:
25 acres maximum
The credit union does not finance land for investment purposes.

Pathway to Homeownership

15 year fixed / Max 100% loan-to-value / Max loan amount not to exceed $150,000 / 680 minimum credit score.  No prior mortgage on credit.

Term: 15 years   Maximum Amount: $150,000
RatesAPRPoints
9.59%9.942%0%
 

Important Notices:

Finished Lot has utilities complete

25 acres maximum

The credit union does not finance land for investment purposes.  

No prior mortgage on credit.


15 Year Fixed 85% LTV Land A
15 year fixed / Max 85% loan-to-value / Max loan amount not to exceed $726,200/ 720 minimum credit score..

Term: 15 years   Maximum Amount: $647,200
RatesAPRPoints
8.19%8.528%0%
 

Important Notices:

Finished Lot has utilities complete

25 acres maximum

The credit union does not finance land for investment purposes.


15 Year Fixed 80% LTV Land B

15 year fixed / Max 80% loan-to-value / Max loan amount not to exceed $726,200 / 680 minimum credit score. 

Term: 15 years   Maximum Amount: $647,200
RatesAPRPoints
8.69%9.033%0%
 

Important Notices:

Finished Lot has utilities complete

25 acres maximum

The credit union does not finance land for investment purposes.



15 Year Fixed 75% LTV Land C
15 year fixed / Max 75% loan-to-value / Max loan amount not to exceed $726,200 / 650 minimum credit score

Term: 15 years   Maximum Amount: $647,200
RatesAPRPoints
9.49%9.841%0%
 

Important Notices:

Finished Lot has utilities complete

25 acres maximum

The credit union does not finance land for investment purposes.




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $647,200 with closing costs of $12,944. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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