Finance On Land In Michigan
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Property must be zoned Residential or Agricultural and may consist of stand-alone parcels or land located in developed, platted subdivisions. Contact an MSGCU Mortgage Consultant if you're in the market for vacant land. Fixed-rate and adjustable-rate loans available for terms up to 30 years.
Land Loans in Michigan have the following qualifications: 20% Minimum Downpayment.
The land contract will also specify the duration of the payments. A land contract may have a term of 15 or 30 years like a conventional mortgage, or it may balloon after 3 or 5 years. Because land contract sellers are typically individuals or family companies, and not large corporations, shorter terms are more common.
The parties will also agree on the interest rate. However, in Michigan the interest rate cannot be above 11%. It is possible for the interest rate to change over time, but the average interest rate has to be 11% or less.
