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!
I got a car loan from TEGFCU and went back when it was time to buy a house. Jeff Shields was an unbelievable resource and advocate throughout the process. He went above and beyond, even recommending a homebuyer grant program I didn’t know about, even though it meant more work for him. I feel really lucky that he was on my team.
Darren, thank you for helping us secure our mortgage with TEG Federal Credit Union. It was great to work with you again! You were wonderful throughout the entire process and consistently made us feel valued, supported, and confident in our journey. We truly appreciate your guidance and dedication.
I got a mortgage through TEGFCU to buy a house with my dad, both of us first time homeowners. WE were totally new to the dizzying bureaucracy of home loans and purchases. The TEG team (Jeffrey Shields, Ellen Gerstner, and Laura Scampoli) walked us through everything with respect and patience. They helped us with the paperwork we were totally unprepared for, explained what to expect for closing costs and recommended lawyers and agents for every stage of the complicated process. Jeffrey even spent time on the phone explaining loan options for a house we didn’t end up buying. It really felt that they were there to help us and not to make money off of us.
I cannot recommend this loan officer highly enough! From start to finish, Jeff was absolutely incredible to work with. His professionalism was outstanding, and he went above and beyond to help me through every step of the process. What really impressed me was his dedication and availability. He even responded to my questions via text on Sundays! That level of commitment and responsiveness made such a differenc
I had the pleasure of meeting Jeffrey Shields with TEG to apply for a mortgage for my home. Right out of the gate, he was dedicated and committed to what I was looking for and couldn’t have made the process any smoother. Not like he knew me, but he treated my like he did and was there for every question I had! He’s very passionate about his profession and always detailed right down to every little fact or dollar amount or input I seeked. I’d recommend Jeffrey Shields if you’re applying for a mortgage specifically a first time homeowner like myself. He really made the process flow with so much ease so little stress and very happy I chose Jeff with TEG to purchase my lake house.
Connect with a Mortgage Officer to get started
Jessica Schoen
Senior Mortgage Officer
NMLS# 22486
Jeffrey Shields
Mortgage Officer
NMLS# 1466211
Matthew Bannan
SENIOR MORTGAGE OFFICER
NMLS# 404022
Scott McNally
Mortgage Officer
NMLS# 1841508
Darren DiBenedetto
Senior Mortgage Officer
NMLS# 404038Homebuying 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.
