Synergy FCU | Land Loan Requirements & Application

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Land Loan Requirements & Application

1. Maximum Amount of Loan for any One Member:

Maximum amount of loan shall be 90% of the appraised value or purchase price, whichever is less Maximum loan amount $150,000.00

2. Trade Area Restrictions: State of Texas.

3. Specific Documentation needed for Credit Union to process loan:

Signed and completed Loan Application.
Earnest Money Contract with Title company information
Address and/or Legal description of property
Certified Appraisal (See No. 5, appraisal requirements below)
Employment/Income Verification - Current pay stub, or 2yrs complete IRS Tax returns. If retired copy of monthly social security pay stub and/or pension pay stub.

THE LOAN MUST BE CLOSED AT THE TITLE COMPANY

4. Collateral Requirements:

Lien contract on Property

5. Appraisal Requirements:

An independent appraisal may be required by a certified appraiser with photographs of the property. An appraisal may be ordered at credit union’s discretion at anytime. A Survey will be required and a Title Commitment Policy will be required.

6. Closing Costs:

Member is responsible for any and all fees incurred. Including, but not limited to appraisal, title policy, survey and document preparation, recording.