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.
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!
JJ made our HELOC loan process run smoothly. From start to finish he kept us informed of the progress of the loan and answered all the questions we had during the process. He even followed up after the closing to check how it went. I would not hesitate to recommend TEG.
Jessica and the TEG team were extremely helpful in finding a home loan that would suit our needs. Not only was she knowledgeable, she also went above and beyond answering questions and emails after hours. We ended up doing a construction to perm loan. This being the first time my husband and I were building, we had so many questions. It was comforting to know that Jessica was able to answer our questions at any time. I would definitely recommend Jessica to anyone searching for a home loan!
Mathew Bannan was the best I couldn’t have asked for more completely upfront with us and walked us through every step of the process made it simple and easy for us to understand and our loan was completed.
Easy to deal with. Scott and the team at TEG were a pleasure to work with. They made my re-fi experience so easy and were extremely accommodating to our needs to especially when it came to the closing. I would highly recommend Scott and TEG for anyone needing a mortgage or looking to re-fi as I did.
Jeff was extremely knowledgeable about every aspect of our interaction. Whenever we had concerns, he was easily able to put our minds at ease. We recommend him to anyone looking for the best in the business. He truly was awesome.
Connect with a Mortgage Officer to get started
Jeffrey Shields
Mortgage Officer
NMLS# 1466211
Matthew Bannan
SENIOR MORTGAGE OFFICER
NMLS# 404022
Kevin Arduino
Mortgage Officer
NMLS# 2514289
Darren Dibenedetto
Senior Mortgage Officer
NMLS# 404038
Scott McNally
Mortgage Officer
NMLS# 1841508
Jessica Schoen
Senior Mortgage Officer
NMLS# 22486Homebuying 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.
Apply for a TEGFCU Mortgage
To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.
When we come together, everyone grows.
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.
