UNIMPROVED LAND LOAN   

•        Land is defined as real estate land located in Missouri, of which the apprised value can include improvements on the property at the time of loan. 

•                  All loans will be an adjustable rate for life of loan.      
•          Rate will adjust on the 2^nd of January every fifth year of loan.
•          First adjustment will be a minimum of 60 months from loan closing date.
•          Rate can go up or down no more than two percent (2.0%) each adjustment
           period.
•          Maximum rate adjustment of five percent (5.0%) over life of the loan. 

•           Loan Facts:
  
•          First Mortgage only.
•          Loan rate will be Prime + 2.00% rounded to the nearest  .25%. Applicant may lock in rate anytime from application date to closing date. Minimum rate will be 6.00% APR*.
•          Must have clear abstract or title insurance.
•          Maximum repayment time - 30 years.
•          Limited to 80% of appraised value of land.
•          Land must be appraised at purchasers expense.
•          No escrow account will be maintained by CECU.
•          Applicant required to pay actual expenses of processing loan at time of closing (appraisal fee, residential credit report, title insurance, recording fee, and misc. expenses.) 
•          Surveys are required when a portion of land is used unless it can be described by a standard government description. 
•      Casualty insurance in the amount of not less than eighty percent (80%) of the appraised value must be maintained on all improvements that have a value more than five percent (5%) of the value of the loan, with the credit union listed as "loss payee".

•          Loans made under this program will not be assumable.
  
  Contact the Credit Union for current rates 

  *APR = Annual percentage rate

For a Land Loan Application click on the links below.
(Both forms need to be completed)
Uniform Residential Loan Application
Borrowers Signature Authorization