Found the perfect land to build your dream home? A lot or land loan1 from Old National provides the financing you need to make it your own now.
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Loan Programs available:
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If you have questions, please submit our information request form or contact your nearest Old National mortgage expert.
1 Subject to credit review and approval. Maximum loan amount is $500,000. Geographic limitations and other restrictions may apply. Program conditions are subject to change without notice. Rates are subject to change daily. Contact an Old National Mortgage Lender for complete product details.
2 Interest rate example for a 15-year fixed rate loan as of 02/10/2023: 7.125% / 7.242% Annual Percentage Rate (APR) based on a $80,000 loan at 180 months, a down payment of $20,000, origination fee of $500 and a monthly payment of $724.66.
3 Interest rate example of how an ARM loan would be calculated: On a $80,000, 5/6mo ARM amortized over 20 years with an initial interest rate of 5.000% with an annual percentage rate of 5.087%. After the fixed period of 5 years the rate may increase every six months; individual adjustments are capped at 2% for the first adjustment, 1% for subsequent adjustments and the rate can never increase by more than the lifetime cap of 5%. A payment example would be as follows based on a fully capped interest rate of the loan: Months 1-60 at 5.000% rate with a payment of $527.96, Months 61-66 at 7.000% rate with a payment of $600.10, Months 67-72 at 8.000% rate with a payment of $637.01, Months 73-78 at 9.000% rate with a payment of $674.03, and Months 79-240 at 10.000% rate with a payment of $711.08. The monthly payment may change when the interest rate on an adjustable rate mortgage is reset. After the initial fixed-rate period, your interest rate can increase every 6 months according to the market index. Current index (30-day avg SOFR) as of March 15, 2022, is .050%. The current index plus Margin rounded to the nearest Pl0.125 is 3.000%.
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