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Overview
Why get a Vacant Land Loan from HFS?
Before you can build the home of your dreams you need the ideal property that will make it even better. Choose fixed rate financing for long term projects or a more affordable interest-only option, if construction is scheduled to start right away.
Vacant Land Interest Only
Enjoy up to 36 months of interest-only payments designed to provide you enough time to plan, obtain permits, and secure financing for the construction of your new home.
- Competitive interest rates
- Up to 36 interest-only payments with balloon payment at maturity
- Borrow up to 80% of the appraised value of the land
- No prepayment penalties
Vacant Land 10 Year Fixed
If you want to buy land now but build later, a Vacant Land 10 Year Fixed will give you the time you need to prepare.
- Competitive interest rates
- Terms up to 10 years
- Borrow up to 65% of the appraised value of the land
- No prepayment penalties
Review
lovemynewhome
While searching for the perfect piece of land to build our home, we asked HFS about a Construction Loan. Our loan officer was very helpful in laying out all of the steps to get the process started. She mentioned we needed to purchase the piece of land first; to have it in our name. Since we couldn't buy the land to construct our new home outright, our loan officer suggested starting with a Vacant Land Loan. The process was quick and easy! In no time the loan was complete and we were able to get started on the construction phase of our new home. Mahalo HFS for being there for us every step of the way!
Additional Info
Get one-on-one help today by contacting the Credit Union and asking for a Loan Officer.
Click here for a listing of our Mortgage Loan Originators.
Download the Vacant Land Loan Packet to get started and complete the Unimproved Property sections.
1APR= Annual Percentage Rate. The stated rate is based on a Vacant Land Interest Only Loan with a balloon payment due at 36 months.
SAFE Act Information
On July 28, 2010 the Nation Credit Union Administration (NCUA) and other Federal Agencies published a final rule to implement the federal registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). The registration requirements apply to all employees acting in the capacity of a Mortgage Loan Originator (MLO). The S.A.F.E. Act requires all MLOs to register with the Nationwide Mortgage Licensing System and Registry (NMLS). Upon completing this registration, each MLO is provided with a Unique Identifier number from the NMLS. An MLO must provide this Unique Identifier number to each mortgage loan applicant upon request and prior to the employee acting as an MLO.
Membership with the Credit Union is required and open to all who live, work, worship, attend school, volunteer or participate in associations headquartered on the island of Hawaii. A non-refundable $1.00 fee is required to establish membership. A minimum opening balance of $50.00 is required to open a savings account.Subject to credit approval. Rate may vary based on loan type.
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Reviews
Vacant Land Reviews
by LovemynewhomePerfect gateway to get my new home underwayWhile searching for the perfect piece of land to build our home on, we inquired with HFS on their Construction Loan. Our Loan Officer was very helpful in laying out all of the steps to get the process started. She mentioned that we would need to purchase the piece of land first to have it in our name. Since we couldn't buy the land to construct our new home outright, our Loan Officer suggested starting with a Vacant Land Loan. The process was quick and easy! In no time the loan was complete and we were able to get started on the construction phase for our new home. Mahalo HFS for being there for us every step of the way!
My Review
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Rates & Fees
Rates Effective as of: 03-19-2024
Vacant Land Loans
Loan Type Interest Rate Points APR1 Monthly Principal & Interest Payment Vacant Land 10 Year Fixed 120 Monthly Payments 7.250% 0.000% 7.295% $1,174.02 per $100,000 borrowed Vacant Land Interest Only2 Up to 36 Monthly Payments 7.250% 0.000% 7.250% Interest only payments Effective Date: May 1, 2017
1APR= Annual Percentage Rate.
2Monthly interest only payments with a balloon payment due at 36 months.Subject to credit approval. Rate may vary based on loan type.
Additional Info
Member will be responsible for all expenses incurred to secure the loan. This includes an initial deposit of $800.00 to defray expenses for:
- Appraisal fee(s)
- Residential Mortgage Credit Report(s)
- Inspection fee(s)
- Flood Certification fee(s)
- Other incidental expenses that may be incurred to secure the loan.
Note: Member will pay before final closing, any outstanding expenses exceeding the $800.00 deposit. Member will be refunded any balance of the $800.00 initial deposit.
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Calculator
Calculator
Calculate your monthly payments.
Loan Calculator
The Calculator Tools are not guarantees of credit. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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FAQ
Frequently Asked Questions
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Am I able to apply for a Vacant Land Loan Online?
Unfortunately at this time, all Vacant Land Loans must be submitted to the Credit Union with a paper application. For complete details and the application please reference the Unimproved Property section of the Real Estate Packet. Should you have any additional questions, please call (808) 930-1400 or visit any office.
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Am I able to apply for a Vacant Land Loan Online?