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Residential Lot & Construction Loan

Ready to own a piece of Northeast Florida? Coastline Credit Union’s local lenders can help find and finance lots of all sizes.
Plot of land with dirt and grass and large trees growing in background.

Key Features

Residential Lot Loans

  • Competitive rates for your perfect lot of land
  • Maximum amount of $200,000
  • 15 year fixed interest rate with no prepayment pentaly or balloon payment.
  • Local, Northeast Florida decision-making and processing
  • Detailed, attentive service from start to finish

Construction Lot Loans

  • To get approval for your construction loan, you’ll need to provide your building plans and specifications
  • An appriaser will determine the value of your future home, and based on that value, you can borrow up to 80%.
  • You must also invest at least 10% of the new home’s value. This can be through a cash down payment or the value of the land you own, minus any existing debt on the land.
  • The maximum loan amount is $517,000, consisting of a $417,000 1st mortgage and a $100,000 2nd mortgage. If your loan is smaller than $417,000, you’ll only have the 1st mortgage.
  • Your loan is initially set up at a loan closing.
  • During construction, you’ll make monthly interest payments based on the amount of money used for construction.
  • The interest rate is linked to the prime interest rate, but it won’t go below 6.5%.
  • The builder provides necessary documents like building permits and insurance before each construction payment.
You can lock in your permanent interest rate when your new home is 45 days away from receiving a certificate of occupancy.
  • Once construction is complete, you’ll need to provide documents such as the certificate of occupancy and homeowners insurance.
  • An elevation certificate might be needed to determine flood insurance requirements.
  • A final appraisal and a review of your financial situtation are also conducted.
  • The final step is the modification closing, where your construction loan turns into a permanent mortgage with a new term and interest rate.
  • The typically happens when the builder receives their last payment for construction.

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