Invest in your future with a land loan.
apply for a land loanWhether you're interested in purchasing land as a long-term investment or you intend to build your new home there, Eglin FCU can help provide the funds to get you there.
Please read through the information linked below so that you may gather the necessary documentation and better understand our loan process. Click the "apply for a land loan" link below when you are ready to get started with financing your land purchase through Eglin FCU.
apply for a land loan loan checklist rates & terms what to expectUnimproved property loans are available from $5k to $200k on residential lots and non-commercial raw land (20 acres or less).
As of 10/15/2025 our Fixed Rate Unimproved Property Loans have an Annual Percentage Rate of 8.50% for 5 year loan terms and 9.00% for 10 year loan terms. Rates are subject to change at any time. Minimum monthly payment on all loans is $35. Rates given are current as of Wednesday, October 15, 2025 and are subject to change.
| Max Term | APR* |
| Fixed Rate Unimproved Property Loan - 5 years | 8.50% |
| Fixed Rate Unimproved Property Loan - 10 years | 9.00% |
Questions?
Contact our Mortgage Services team today at 850.862.0111, Option 3, or via secure email
*APR = Annual Percentage Rate.
Sample Repayment: For a $100000 Unimproved Property Loan over a term of 60 months at an APR of 8.50%, the approximate monthly payments would be $2046.05.
What types of properties and locations does your financing cover in Florida?
We provide financing for single-family homes that serve as your primary residence. Eligible properties must be located in one of the following Florida counties: Bay, Escambia, Holmes, Okaloosa, Santa Rosa, Walton or Washington.
What is a Home Equity Line of Credit (HELOC) Early disclosure?
For HELOCs, the early disclosure outlines crucial terms and conditions. It covers information such as what could happen to the borrower's home if they do not repay the HELOC as agreed, under what conditions the lender can terminate or reduce the credit line, and the length of the draw period. For specific questions regarding early disclosures, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
What is title insurance?
As part of the loan process, the lender orders a Lender's Title Insurance Policy to verify existing liens on the property. This policy protects the lender against issues with the title to the property, such as someone with a legal claim against the property. For specific questions regarding a Lender's Title Insurance Policy, please contact our Mortgage Services department at 850.862.0111, Option 3 during business hours or via secure email.
What is an escrow?
Based on your loan type, an escrow account may be required. This type of account is established at loan closing. Over time, a borrower continues making monthly contributions to the escrow account as part of their mortgage payment. When property taxes or insurance premiums come due, the lender uses the escrow funds to pay these items on the borrower's behalf. For specific questions regarding escrow accounts, please contact our Mortgage Services department at 850.862.0111, Option 3 during business hours or via secure email.
What is private mortgage insurance (PMI)?
Private Mortgage Insurance (PMI or MIP) is a type of coverage that is required if you obtain a Conventional mortgage - one that isn't federally guaranteed - and put down less than 20% to purchase a home or have less than 20% equity when refinancing. PMI protects the lender in case you default on the home loan. This premium is paid monthly and is factored into your mortgage payment. For specific questions regarding PMI, please contact our Mortgage Services department at850.862.0111, Option 3, during business hours.
What are closing costs?
If you are applying for a mortgage loan, there may be closing costs associated with it. The closing costs include fees for the credit report, flood certification, employment verification, appraisal, title, survey, and recording, etc. Please note this does NOT include prepaid items or escrow-related costs. Your lender will provide a detailed breakdown of these expenses early in the loan process so you know what to expect. For specific questions regarding mortgage closing costs, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours or via secure email.
What is a subordination agreement?
Typically, mortgage liens are prioritized in the order they are recorded in public records. However, if you refinance your mortgage or take out a second lien, the lender may require a subordination agreement for an existing lien to ensure the new loan is recorded in the correct lien position. For specific questions about subordination agreements, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours or via secure email.
What is a mortgage rate lock?
Once you lock in the interest rate on your mortgage loan, the lender will honor that rate for a set period while you complete the loan process. For specific questions about rate locks, including any associated costs or restrictions, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours or via secure email.
What is a mortgage rate lock? A rate lock, or mortgage rate lock, is an agreement between a borrower and a lender that secures the interest rate on a mortgage for a specified period at the current market rate. During this time, the interest rate remains fixed, protecting you from potential increases. For specific questions about rate locks, including any associated costs or restrictions, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
What should I expect during each phase of the process of getting a mortgage loan? There are several stages of the mortgage process. Origination is the initial stage where your loan application is prepared and submitted. It involves gathering all necessary documents and information to start the loan process. During the origination phase, you will need to submit an application, pay the credit report fee (if applicable), sign and return the initial loan disclosures, provide supporting documentation, and pay the appraisal deposit (if applicable). Our responsibilities during origination include issuing the loan estimate and other initial loan disclosures, completing the initial review of the loan application and documentation, submitting the mortgage loan to underwriting for approval (if applicable), advising you of the approval decision, and moving your file to processing. The second stage is Processing. During processing, we review your loan file for completeness and data consistency, order necessary services from third parties, and submit your mortgage loan to underwriting for final approval. During the next stage, Underwriting, the underwriter will evaluate your supporting documentation, review your file for completeness and data consistency, and issue a "clear to close" upon satisfaction of all conditions. Your responsibility during both the processing and underwriting stages is to submit any additional documentation as requested. After underwriting and prior to closing, you will be expected to review your closing disclosure (if applicable) and wire funds to the title company (if applicable). We will verify the closing date and time with the title company, issue/balance the closing disclosure (if applicable), notify you if funds are required for closing, add Eglin FCU as a mortgagee on the insurance policies, complete your employment verification, and send the closing package to the title company. During the final step, Closing, you will sign the closing documents, pay any funds needed for closing (if applicable), and sign a notice of non-rescission/right to cancel (if applicable). We will then review the executed closing documents for funding approval and fund the loan.
What are closing costs? Closing costs are fees associated with your home purchase. Some are paid to your lender, and others to third parties such as appraisal, inspection, and title companies, in order to finalize and fund your loan. For specific questions regarding mortgage closing costs please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
What is title insurance? Title insurance is a policy that covers third-party claims on a property that do not show up in the initial title search and arise after a real estate closing. A third party could be someone other than the property's owner, such as a construction company that didn't get paid for its work on the home under a previous owner. Essentially, title insurance protects against unexpected ownership disputes or financial losses related to the property title. When you take out a mortgage, part of your closing costs includes title insurance, which primarily safeguards the lender. For specific questions regarding mortgage title insurance please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
What is mortgage hazard insurance? Mortgage hazard insurance is a type of homeowners insurance coverage, also known as dwelling coverage. It protects your home from natural disasters or hazards such as fire, hail, windstorms, and fallen trees. When you qualify for a mortgage, lenders often require you to secure hazard insurance before closing on the home. For specific questions regarding mortgage hazard insurance please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
What is an escrow? Mortgage escrow is a financial arrangement used in real estate transactions. During the home buying process, the Title Company will hold the earnest money deposit (EMD) until the purchase transaction closes. An earnest money deposit is a payment provided by the buyer to the seller to demonstrate their commitment to the purchase. As your mortgage lender we will establish an escrow account to pay for the property taxes and homeowners insurance after purchasing a home. Each month, a portion of your mortgage payment will go into this account, which can fluctuate annually depending on changes made to your property tax bill and insurance premium. For specific questions regarding your escrow account, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
What is a subordination agreement? A subordination agreement determines the order in which outstanding liens on your property are repaid if you stop making mortgage payments. For specific questions regarding subordination agreements please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
For specific questions regarding property tax payments please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
For specific questions regarding fees for closing a mortgage please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
For specific questions regarding paying off your mortgage please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
For specific questions regarding changing loan rates during the mortgage approval process please contact our Mortgage Services department at 850.862.0111 (x3737 during business hours.
For specific questions regarding next steps after your home purchase offer has been accepted please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
For specific questions regarding additional fees for refinancing your home loan please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
You mortgage payment may have changed for a variety of factors such as increases in your property taxes or homeowner's insurance. For specific questions regarding changes in your mortgage payments please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
For specific questions regarding your mortgage please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
Mortgage Down Payment: For specific questions regarding mortgage down payment options please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
Mortgage Rate Modification: For specific questions regarding mortgage rate modifications please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
Mortgage Term Extension: For specific questions regarding extending the term of your mortgage please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
Mortgage Preapprovals: For specific questions regarding mortgage pre-approvals please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
Mortgage Statement: To request a copy of your mortgage statement, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
Mortgage Prequalification Letter: To request a mortgage prequalification letter, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.
Prepaid Interest: For questions regarding prepaid interest, please contact our Mortgage Services department by calling 850.862.0111, Option 3 or by visiting one of our local branches during business hours.
Commercial Real Estate: We do not offer financing for commercial real estate.
Jumbo Loans: We do not offer jumbo mortgage loans.
VA and FHA Loans: We do not currently offer VA or FHA loans.
We do not currently offer mortgage loans for businesses.
Non-Warrantable Condominiums: We do not offer financing on non-warrantable condominiums. We do not offer financing on non-warrantable condos.
You cannot pay off your mortgage through Online Banking or the Mobile App. To request a mortgage payoff quote, please contact our Mortgage Services department at 850.862.0111, Option 3, or visit one of our local branches during business hours.
Your mortgage payment can change for several reasons. If your property taxes increase or decrease, your mortgage payment may be adjusted accordingly, especially if you have an escrow account that covers these taxes and your homeowners insurance. Changes in your homeowners insurance premiums can also affect your mortgage payment. Additionally, your lender may perform an annual escrow analysis to ensure there are enough funds to cover property taxes and insurance. If there's a shortfall, your monthly payment may be adjusted to make up the difference. Lastly, if you lose any property tax exemptions, your property taxes may increase, leading to a higher mortgage payment. If you have specific questions about your mortgage payment, please contact our Mortgage Services department by calling 850.862.0111, Option 3, or by visiting one of our local branches during business hours.
Routing Number: 263178070
*APR = Annual Percentage Rate.
