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Construction Loans

Home Construction Loans

We're pleased to offer a variety of Construction to Permanent Loan programs, which enable our customers to finance the construction of a new home. These type of loans offer the convenience of a one-time loan application, approval, processing documentation and loan closing covering both the Construction and the Permanent Mortgage Loan.

If you already started the applicaiton process, please access your application here.

Want to build your dream home?

Our construction loans cover the financing of your new lot (if necessary) and construction of your new home. Our loan offers a construction draw period, which enables the loan funds to be disbursed during the course of construction based on an inspection of the property and on the percentage of completion of the home. Interest-only payments are required during the construction draw period based on the amount of money drawn on the loan.

Upon completion of construction and receipt of final inspection and a certificate of occupancy, the loan transitions into a permanent mortgage loan. At that point, standard mortgage payments are based on the permanent loan interest rate and the loan term begins.

Construction Loan Rates1

Term Rate APR Points Pmt2
1 Year ARM 2.250% 3.002% 0.00% $3.82
3 Year ARM 2.250% 2.897% 0.00% $3.82
5 Year ARM 2.375% 2.846% 0.00% $3.89

Just interested in purchasing land?

We also offer lot loans that finance the purchase of a piece of land. This is a great option for people interested in purchasing their ideal homesite now but want to hold off on the construction of their dream home until a later date.

Lot Loan Rates3

Term Rate APR Points Pmt2
1 Year ARM 3.625% 3.106% 0.00% $4.56
3 Year ARM 3.750% 3.220% 0.00% $4.63

Getting started with the application process

We suggest contacting a Mortgage Loan Officer to start the process before applying online. Our loan officers will help you decided which loan option is right for your purchasing needs.

The online application will require additional loan documentation, underwriting and lender review. In addition to standard Credit Underwriting and Documentation, we will require documentation covering the home to be built and the builder contracted to do the work.

Ready to finance a brand new home or lot?

Contact a loan officer

Actual payments higher with taxes and insurance. Rates and terms are subject to change at any time and without notice; additional restrictions may apply. Published rate may be adjusted based on other factors, including but not limited to, when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, and loan to value. Maximum loan amount $548,250. Private Mortgage Insurance (PMI) is required for loans with less than 20% down. Consult a tax adviser regarding tax deductibility of interest and fees.

1 Rate is variable. Down payment as low as 10%. Interest-only payments available during construction period (9-12 months); after, the loan will be amortized over 351 months (9-month construction period) or 348 months (12-month construction period). Rate adjustment could occur after the initial term (1, 3 or 5 years) and annually thereafter based on 1-year LIBOR rate; loan rate is calculated by adding a margin of 2.75%. Rate will not increase more than 2% in any given year and more than 6% total over the loan term. No conversion option. Published rate may be adjusted based on other factors, including but not limited to, when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, and loan to value. Application Fee of $600 is required. Available on single family, detached homes, owner-occupied upon completion. Additional restrictions may apply. Rates and terms are subject to change at any time and without notice.

2 To calculate monthly payment for all Home Loans, multiply the payment amount shown by the mortgage amount in thousands. For example, a 30-year 2.875% loan for $150,000 would be: 150 X $4.15= $622.50 per month. Actual payments will be higher with taxes and insurance. Rates and terms are subject to change at any time and without notice.

3 Down payment 20%. Application fee $495. If more than 10 acres, must be zoned residential.

Routing Number: 275079714
NCUA Equal Opportunity Housing
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