VACANT LOTS

A lot loan is used to purchase or refinance a developed lot or vacant land that may have minimal site and/or until it's improvements. The borrower must plan to build a dwelling unit on the property and is not intending to use the land as a "farm" or for any other business. The property must be less than 50 acres and not greater than  is typical for residences in the area. The land must have an assessor's parcel ID number and a separate tax bill. 

Mackinac can also provide a construction-to-permanent loan to finance your new residence.

Programs

  • Portfolio only

Products

  • 1/1 adjustable rate mortgage with 15 year term

Down Payments

  • Normally 35% down payment for a purchase

  • Normally  40% equity is required for a cash-out refinance

All terms are subject to change at any time without notice.