Build on it. Hunt on it. Or just enjoy the natural beauty.
Affordable rates
With adjustable-rate loans, you can lock in years of lower payments.
Lower down payments
Get your hunting preserve or building lot for just 20% down.
Friendly service
Our experienced lenders can get your application processed quickly.
At Fox, we offer affordable loans for both residential lots and undeveloped open space.
Some want to find the perfect spot for the house of their dreams. Others are looking for a place to bag a buck or to build a weekend getaway cottage. Whether you're looking for a lot in the suburbs or open space in the country, Fox has an affordable loan that can help make your little slice of heaven happen.
- Choose from a variety of Adjustable-Rate Mortgages (ARMs) by locking in rates for 1, 3, 5, 7, or 101 years; after that initial period, your interest rate may be adjusted annually until the loan is paid off.
- Up to 30-year loans available
- Affordable 20% minimum down payment
- In-house approval process to help ensure your loan is processed quickly
- Refinancing options available
Run the Numbers
You can earn 5.00% Annual Percentage Yield (APY) on balances of up to $5,000. For balances greater than $5,000 earn 0.50% APY.1
General Disclosure: Annual Percentage Rate (APR). All rates, terms, and conditions may change without notice and published rates or an offer does not constitute a loan offer. Individual rates and terms may vary based on account relationship, loan amount, down payment, creditworthiness, loan-to-value, purpose of loan and property type. All loans are subject to approval and eligibility.
Adjustable-Rate Mortgages (ARM) are variable rate, and the interest rate/APR can change yearly after the initial fixed-rate period. For example, the interest rate on a 1/1 ARM is fixed for 1 year, 3 years for a 3/1 ARM, 5 years for a 5/1 ARM, 7 years for a 7/1 ARM and 10 years for a 10/1 ARM. Thereafter, the rate is subject to change yearly. The interest rate will be determined by adding the 1-Year Treasury Bill (index) to a margin of 2.75%. (on a 1/1 ARM). The adjustment is dependent on the ARM product chosen. After the initial term, the interest rate can change annually and is subject to the following caps:
10/1 and 7/1 ARM: First-rate adjustment cap is +/- 3%; thereafter, annual rate cap of +/- 2%, and a lifetime rate adjustment cap +/- 5%.
5/1 ARM: First-rate adjustment cap is +/- 2%, thereafter, annual rate cat of +/- 2%, and a lifetime rate adjustment cap +/- 6%.
3/1 and 1/1 ARM: First -rate adjustment +/- 2%, thereafter annual rate cap of +/- 2%, and a lifetime rate adjustment cap of +/- 6%.
ARM payment example: The initial payment on a 10/1 ARM with a loan amount of $165,000 and a term of 30 years at 6.375% interest rate 6.936% APR), with 20% down payment is $1,029.39 for years 1-10. Payment example assumes a single-family, owner-occupied residence, 20% down payment, a 725+ credit score. Monthly payment example quoted does not include taxes or insurance; the actual payment obligation will be greater. Contact one of our friendly Mortgage Loan Officers for additional details.
NMLS ID # 402968