A land loan would allow you to borrow up to 90% of the purchase price of the land. You may use this program to purchase or refinance. Closing costs are reasonable and we offer the option of a 5 year or 10 year adjustable rate lock. Once the initial rate lock expires, the rate may change on an annual basis. The rate many not change more than 1% in any one year and not more than 5% over the life of the loan. The loan rate is based off of the 26-week T-Bill. Land loans may be amortized up to 30 years.