Lot Loans

If you've found the perfect piece of land to build your dream home on, but you're not ready to break ground, Mountain America's Lot Loan is the solution for you.

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Lot Loans

If you've found the perfect piece of land to build your dream home on, but you're not ready to break ground, Mountain America's Lot Loan is the solution for you.

How a Lot Loan Can Put You in Your Dream Home

Terms and conditions for lot loans vary from lender to lender.  You will want to find a lender that can provide you secured funds.  Once you have your plan ready for the lender, you will go through some routine steps relative to loan procurement including making a down payment and passing a credit check.  Mountain America Credit Union (MACU) provides you with the following services when you secure a lot loan through them: Once the lot is secured, the lender can transfer the lot loan into a new construction loan, which helps you get started building your dream home. 

Where Mountain America Comes In


You can complete the online application whenever you are ready or your can schedule a free consultation with an experienced loan officer who will happily answer your questions.

Your loan officer will liaise between you and the underwriters and other parties to ensure you get your loan as soon as possible.  They can also help you transfer your lot loan into a construction loan turning your dream home into your real home.

Mountain America's Lot Loan can help you finance the purchase of a residential lot or land suitable for construction of your new home.



Lot loans, or story loans, are loans that enable you to purchase a piece of property on which you can build your dream home or a secondary residence. Getting a lot loan is contingent on your credit approval, money down, and plans for the property. Being prepared and working closely with a credit lending specialist will ensure you are able to get the property you want.

What are Lot Loans?

After the experience of living in one or two homes, many homeowners begin to determine the criteria that constitute their dream home. While some homeowners are able to find a home that suits all of their needs and wants in an ideal location, others are not so lucky. For those property owners, obtaining a lot loan can help them procure the property on which to build the home of their dreams.

Steps for Procuring Lot and Construction Loans


A lot loan is a temporary loan that you can use to build a primary or even secondary residence, like a vacation home. Essentially, lot loans enable you to purchase a plot of land that you can use for development purposes. Once you have secured your lot, when you are ready to build, you can apply for a construction loan.

While securing a mortgage loan is generally “easy” from the standpoint that your credit is approved and the home is appraised for an amount you can afford, lot and construction loans earn the titled “story loans” because new homeowners have to present a plan to the bank before being eligible for approval.

You will need to do your homework to be able to show the bank that you are a serious client.  One step is to have a clearly articulated plan for the property.  Is it a vacation property? Will it be your primary residence? What are the plans for building on the property (this means financial plans as well)?  Being able to show how you will pay for the proposed property is important.

To help you procure your loan, check some of these lot-facts culled from The Lot Network for when you meet with a lender:
  • Be able to describe the surrounding community around the desired lot.
  • Have a builder (or two) in mind or have a builder confirmed.
  • Be cognizant of property conditions (ex: is it in a flood zone?)
  • Know all of the fees relative to infrastructure and utilities. For example, a country ranch is a dream until you realize it cannot be connected to cable or Internet.
  • Be able to confirm routes of access to the lot.
  • If the lot is in a more populated area, be knowledgeable of historic conditions, covenants, or HOA rules and such.
By showing you have done your homework, you will come across as a more professional and serious client; this will appeal to lenders who are entrusting you and your plan with a lot of fiscal responsibility.

Mountain America Credit Union (MACU) is a non-profit, federally-charted, member-owned, full-service credit union that has branches and ATMs across the Intermountain West region including in the states of Utah, Idaho, New Mexico, Nevada, and Arizona.  MACU’s menu of services varies from savings to mortgages to personal loans, like lot loans.  MACU’s qualified experts provide information and services that help consumers buy the perfect plot of land for building their dream home.

Apply for a lot loan today!

1. See Loan Officer for details. Three month's Mountain America membership required. One Lot Loan per Member.

Loans subject to credit approval. See current rates and terms. The minimum payment for a loan with a 5.00% APR and 10-year term is $10.61 per $1,000 borrowed. The monthly obligation will be determined by the total loan amount at the time of closing and the term and interest rate of the loan. See our Loan Calculator for specific examples.  

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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