CorePlus Land Loan
A fixed-rate CorePlus loan for purchasing or refinancing improved or unimproved non-commercial land in Connecticut or Rhode Island. Loans range from $25,000 to $500,000, require a first lien and no more than 75% LTV, and have terms of 5–20 years plus purchase closing costs that the current disclosure estimates as high as $3,500.
- Down payment
- Maximum 75% loan-to-value, so a purchase generally requires at least 25% borrower equity based on the lower of purchase price or appraised value; $25,000 minimum and $500,000 maximum loan.
- Credit context
- Actual pricing depends on credit score, LTV, amount, and purpose. The current disclosure's example assumes a 750 score, but does not state 750 as a universal eligibility minimum.
- Income rules
- No public income cap is stated. CorePlus membership, credit approval, first-lien collateral, and property rules apply.
Individual lenders set the interest rate, fees, mortgage-insurance treatment, and final approval requirements. Compare written Loan Estimates before choosing.
How repayment works
Your monthly housing payment usually includes principal and interest, and may also include property taxes, homeowners insurance, mortgage insurance, and association fees. Your lender’s written Loan Estimate and Closing Disclosure control the actual costs and terms.
A lower advertised down payment does not necessarily mean the lowest monthly payment or lowest total cost.
Who it may fit
A fixed-rate CorePlus loan for purchasing or refinancing improved or unimproved non-commercial land in Connecticut or Rhode Island. Loans range from $25,000 to $500,000, require a first lien and no more than 75% LTV, and have terms of 5–20 years plus purchase closing costs that the current disclosure estimates as high as $3,500.
These are situations worth exploring, not a qualification decision.
What could rule it out
- The issuing body does not set a single credit floor; each lender sets its own.
- The issuing body does not impose an income cap.