The perfect home begins with the perfect location
Secure Your Dream Home’s Foundation Today
Have you found the perfect piece of land in the Hudson Valley for your dream home but are not ready to build just yet? No worries! With a Residential Lot Loan from TEG Federal Credit Union, you can secure that ideal spot now, whether it’s for your main home or a vacation getaway. We’re here to provide the financing you need to make that dream setting yours.
Dreaming about building your home soon or maybe a few years down the line? At TEGFCU, we get it! That ‘forever’ spot can spark so many dreams. Don’t let the chance to own it slip away. Grab it with our Residential Lot Loan, and take the first step toward making your dream home a reality.
Lot Loan Benefits
Using a loan to buy land gives you a unique opportunity to design and develop your property as you wish.
Lot Loan Features
How Does a Residential Lot Loan Work?
Plan
Let’s start with your finances – getting them sorted is key! Next up, find and choose a builder. But here’s an important step: ensure your builder is ready and qualified to work with TEGFCU. Keep it simple, friendly, and clear – because we’re here to help you every step of the way!
Apply
Gather up your specs, plans, surveys, and all the necessary permits and certificates. It’s like collecting the pieces of a puzzle! Next step? Grab your builder’s proposed disbursement schedule. Remember, we’re here to guide you, offering valuable info every step of the way.
Build
TEGFCU will inspect if needed. Why? Because we care about making things right. Next up, we’ll send the funds to your builder following the disbursement schedule. During construction, you’re only paying the interest on the loan. That’s right, just the interest. Let’s get building!
Convert
You’ll need to provide us with your certificate of occupancy, the final survey, and your homeowner’s insurance policy. Next up, let’s look at the amortization documents together. Why? Because they’re your roadmap to understanding how your mortgage payments are going to roll out before you begin the last step, repayment.
Did you know Residential Lot Loans go by many other names?
You might hear them called land purchase loans, raw land loans, land lot loans, land mortgage loans, vacant land loans, or even land and construction loans, to list a few. But here’s the key point: no matter what name they go by, these loans help you finance the land where you’ll build your dream home. It’s all about getting you closer to turning that dream into reality!
Jeffrey did an outstanding job! He was personable, knowledgeable, and patient. Any questions I had, he answered promptly, never making me feel like I was bothering him. He even responded to messages after hours, which was incredibly helpful given my busy daytime schedule. Jeffrey turned a stressful process into a much easier experience by being consistently patient and kind throughout. His dedication didn’t waver even after the loan was sent for closing; he kept in touch with me every step of the way. I will definitely recommend him to family and friends.
We wanted to take a quick moment to acknowledge the amazing experience we had working with mortgage officer Jeffrey Shields at TEGFCU. This is our first time buying a property and going through this journey with his help made it a lot easier. He always made an effort to be available to answer any questions we had as well as keeping us informed from start to finish. I highly recommend him as well as TEGFCU for your mortgage or banking needs.
Extremely helpful and always responsive! Made the entire process very easy.
Jeff and everyone did a great job and explained all options clearly.
What a pleasure to work with Darren! He was super helpful on a really tough condo financing deal and the whole time through he was very pleasant and nice to speak with and got the job done. Super professional, very grounded vibes and kept his cool even when the condo board was being anoying to work with. Bravo!
Connect with a Mortgage Officer to get started
Jeffrey Shields
Mortgage Officer
NMLS# 1466211
Darren Dibenedetto
Senior Mortgage Officer
NMLS# 404038
Jessica Schoen
Senior Mortgage Officer
NMLS# 22486
Matthew Bannan
SENIOR MORTGAGE OFFICER
NMLS# 404022
Scott McNally
Mortgage Officer
NMLS# 1841508Homebuying Questions?
Get answers in our Mortgage Learning Center.
Find helpful articles, tools, and other great resources to help you with your homebuying journey.
Explore Our Products
Mortgages
We can help you find a mortgage now that you’ve found that great home. We offer great rates, low closing costs, and excellent service
Construction to Perm Loans
See how our Construction-to-Permanent (CTP) Loan can help you with the construction of a new home on your lot.
Mortgage Rates
Looking for the best mortgage rates? We offer competitive rates, low closing costs, and exceptional service.
We Do Business in Accordance with Federal Fair Lending Laws – Fair Housing Poster.
Home Mortgage Disclosure Act Notice – The HMDA data about our residential mortgage lending are available for review. The data show: Geographic distribution of loans and applications Ethnicity, race, sex, and income of applicants and borrowers Information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.
