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Land Loan

When you’ve found the perfect place to build.

Call to Apply 1-800-561-9433

Land Loan

The way to finance just the lot for your dream home.


  • A loan for financing unimproved land on which you will build your primary residence
  • Finance up to 80% of the lot value (20% down payment required) up to $250,000 maximum
  • 1-year maximum loan term


  • You want to keep your land and home loans separate
  • You are buying a lot for a future home

Call for Rates 1-800-561-9433

So, what exactly is a Land Loan?

Older couple looking at their family in the place the new home will be built

As with many loans, the name says it all. This loan finances the land on which you plan to build your primary residence. An Elements Land Loan can be used for unimproved land, which means it might already have utilities and amenities but likely doesn’t yet have things like an electric meter or natural gas meter.

Unlike other types of loans that can last several years, a Land Loan has a maximum term of one year. So even if you do not have your home built within that time frame, you will have already paid off the loan for the land.

When you’re ready to build your home, you can consider the Single-Close Construction Loan.

Call to Apply 1-800-561-9433

What fees and closing costs should I expect?

The specific amount of your closing costs will vary. A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Your Elements Mortgage Loan Originator will review all costs with you based on your specific loan amount, purchase price, and home value.

Third Party Fees

Third party fees are ones that we collect and pass on to the person who actually performed the service. These can include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees. 

Taxes and Other Unavoidable Costs

These fees include state/local taxes and recording fees and will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume you won't have to pay it. It is possible that a lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs.

Lender Fees

Lender fees such as points, document-preparation fees, and loan-processing fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision. Elements charges a standard $995 origination fee on all mortgages.

For more information, call us at 1-800-561-9433.

Should I get preapproved?

Couple and baby looking at their home being built

It is a good idea to get preapproved for a Land Loan, especially since there is no house on the property to use for collateral. Call us at 1-800-561-9433 to see if you can be preapproved for a loan so that you know what price range you can afford, to evaluate the monthly costs of a loan, and to see how much of a loan you can afford.

Call to Get Preapproved 1-800-561-9433

What happens during the mortgage application process?

Getting Started

Call us at 1-800-561-9433 to apply by phone. When you apply, have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home.

Gathering Documentation

We’ll contact you within one business day after you submit your application to review documentation that we'll need from you. We’ll also answer any questions you may have. 

Application Review & Approval 

Once you have supplied your documents, your loan will be reviewed by an underwriter. After the underwriter review, your Elements Mortgage Loan Originator and Loan Processor will work together to obtain any further documentation that is needed to close your loan, including the appraisal and title work. 


Once your loan has been approved, your closing will be scheduled at a location convenient for you. That's it — your mortgage is complete! Application to closing takes an average of 30 days.

Call to Get Started 1-800-561-9433

Why should I go to Elements for my mortgage?

Like a Bank, Only Better!

Personal Loan Guidance

Buying land can be a bit overwhelming, but don’t worry. We’ll be with you every step of the way to guide you through the loan-application process, from pre-approval all the way to closing. 

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates, and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves on being a trusted source for financial education. We come to your workplace to answer questions and can provide you with a dedicated Mortgage Loan Originator1 to guide you through the entire loan process.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally2. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Call to Get Started 1-800-561-9433

How do I apply?

Couple, daughter, and dog in their new home's garden

3 Easy Steps to Apply

  1. Call 1-800-561-9433 to apply - Call us whenever you have 15-20 minutes to spare to get started.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
  3. Schedule your closing - We'll stay in touch with you throughout the loan process. Then, if you're approved, we'll schedule your closing at a location convenient for you.

How is my mortgage payment calculated?

Your monthly mortgage payment is made up of four components: principal, interest, property taxes, and homeowner’s insurance (referred to as "PITI"). 

Principal and Interest

Principal and interest are based on the loan amount, interest rate, and term (amortization) of your loan. 

Property Taxes

Property taxes are assessed annually. The amount of your taxes is divided by 12 months in order to determine how much will be collected from you as part of your monthly payment.


Homeowner’s Insurance is also paid annually. The amount of your annual premium is divided by 12 months as well. 

Private Mortgage Insurance (PMI) can also be a component of your monthly mortgage payment. This is insurance that the lender obtains to protect them against any loss if you stop making payments on your loan. PMI is typically required on Conventional loans if you do not put at least 20% down on a purchase or have 20% or more equity in your property on a refinance.

  1. 1 Nationwide Mortgage Licensing System Registrants: Elements Financial FCU 410639, Shawn Adams 1969445, Charles Akinbola 1811812, Barbara L Allen 609733, Rick Anderson 169934, Nick Bates 2030112, Lindsey Badanek 724103, Cynthia Bell 427359, Nyla Bivens 1128100, Jamie Bonner 435395, Laura Bordenkecher 1590841, April Bratton 1169913, Miesha Brooks 1916521, Dawn Michelle Bruce 899516, Julie Bowering 443400, Melissa Bullock 2122657, Tracee Buckrop 609727, Karla Chevrie 404630, Eliza Claborn 1826115, Christine Clark 609734, Shane Clark 2253719, Brooklynn Coop 2416469, Kaylee Cooper-Sweeting 2552218, Mary Ann Deckard 1259646, Ashlie M Dew 539208, Curtis Neal Dodd 200259, Ron E Ellis Jr 1207645, Barbara Fey 489638, Kara Michelle Fischer 1469113, Tami Renee Forsythe 609730, Lenore Gallagher 975065, Sherry Gaw 988244, Emilee Goode 1776621, Jody Gray 2320767, Robert Goodwin 975067, Quentin Girten 1919653, Courtney Guth 1623852, Abigail Hall 1469114, Mariah Hestand 1809685, Dial Holliday 1436039, Jennifer Hooker 1807696, Theresa Iaria 1128103, Chris Jones 1484986, Kasey Jones 1942020, Christopher Kerr 143199, Andee Kettlebar 443776, Jill Kidwell 609731, Brooklynn King 2311546, Michele King 1759144, Sara Keedy 1512646, Sean Kiely 425511, Brittnie Kreuzman 2433042, Tara Nicole Lambert 883082, Teresa Ledford 444283, Cindy Leisure 1080329, Rebecca Littell 996455, Tyler Lonergan 2066084, Blake Luker 2007589, Kristy Mars 609725, Beverly Marshall 444941, Elizabeth McGovern 2313054, Alexander J Menestrina 1190426, Beth Moberg 473454, Justin D Montour 1198316, Brooke Moss 1824059, Terri Mossbrucker 1385461, Kristina Mowery 916118, Amber D Murphy 1082684, Mallory Neill 1750269, Constance Nelson 975071, Micha Noble 1950136, Grace Nolan 1840818, Regina Norman 1080327, Stacy Oswald 1380912, Clayton F Patterson 424532, Shaneka A Pedersen 426201, Meghan Pedigo 1601304, Shari Peek 1623439, Steve Perius 610700, Janene Petree 1529353, Kyle Thomas Plumlee 1930758, Noah Pumphrey 2313162, Kim Purkhiser 1313210, Tania Query 608383, Rebecca Rice 1007612, Miranda Grace Renee Rizzo 1198315, Janai S Roberts 252636, Tim Sallee 1192774, Susan Roberts 975068, Darlene Rogers 2266067, Carol Biale-Schroeder 1863399, Ryan Sebree 1866273, Ron Senci 1068152, Jessica Siegman-Bradford 1454706, Brad Smith 906855, Amy Lynn Stokes 1387213, Paulette Stull 1487007, Ann Sukup 2511201, Brent Tedford 1892880, Bradley Thompson 609732, Rhonda Weaver 2213627, Samantha White 1849420
  2. 2 Based on asset size as of 12/31/2022.