Construction Permanent Loans
We are pleased to offer a variety of Construction Loan programs, which enable our members to finance the construction of a new home. Construction Loans offer the convenience of a one time loan application, loan approval, processing documentation and loan closing covering both the Construction Loan and the Permanent Mortgage Loan. See our Learn Section for additional information on the variety of loan products offered.The Construction Loan offers a Construction Draw Period, which enables the lender to disburse loan funds during the course of construction based on inspection of the property and on the percentage of completion of the home. Interest only payments are required during the construction draw period. Upon completion of construction and receipt of final inspection and a certificate of occupancy, the loan transitions into the permanent mortgage loan. At that point, standard mortgage payments based on the permanent loan interest rate and the loan term begins.
Members may apply and receive online approval for our Construction Loan programs. Special Construction loan documentation is required. Please see our Home Loan Basics section for more information on Construction Loans.
