Construction Loans

Building your own home can have many rewards, but it comes with its own set of financial challenges and expenses. Go from ground-breaking to house-warming with a loan that takes the hassle out of financing the construction of your dream home!

Details
  • Build your dream home from the ground up
  • Competitive interest rates
  • Two options to fulfill your needs
  • Friendly, experienced loan advisors
  • Local decision-making
  • MCCU service for the life of the loan
Loan options

5 Year Balloon Option

  • 20% down payment
  • Payments begin with principal and interest payments
  • Low closing costs
  • Earn interest on the construction funds being held

Two Phase Option

  • 20% down payment
  • Competitive interest rates and closing costs
  • Flexible draw schedule
  • Lower payments during construction
  • Phase One – construction
  • 12 month construction period
  • Interest only payments on the amount disbursed each month
  • Phase Two – final mortgage
  • Fixed or Balloon Mortgage
  • Maximum 30 year amortization
  • Escrow available for taxes and insurance