You're designing a house with its own unique floor plan. Now all you need is a financing game plan. At TCU, we're ready to hammer out the details of a loan that will cover all the construction costs.
Click the "Ask TCU" icon below and select "Mortgage Live Agent" to be connected with a Mortgage Professional.
What do you need to get a construction loan? Of course, it starts with a vision of what you want to build. After you have that in mind, contact our qualified experts and we’ll help to make sure you’re covered.
Yes, part of the lender review includes the signed Construction Contract with the draw schedule for funds, details plans and a construction timeline.
During the initial construction phase, you will pay interest-only on the draw funds as they are requested by the Builder.
During the construction phase, the builder will request draws as the work is completed. TCU will send the original appraiser to the home to prepare an inspection report showing the percentage of completion for the new home. The draw amount is determined based on that percentage of completion and paid to the builder with your approval.
Yes, the appraiser will provide TCU with an inspection report at each draw request.
No, borrowed funds are allowed on home building costs only.
Since TCU does a one-time closing, once we close the loan, it will be a 30-year mortgage. We allow you to lock in your interest rate at the time of the application and the interest rate is good for the entire 30 years.
Yes, you can.
The construction loan will cover the cost to build the home and possibly the closing costs, if the loan amount doesn’t exceed 95% of the appraised value and meet all other loan qualifications.
Any leftover funds after the house is built will be applied to the principal balance of the home.
* Builder qualifications subject to lender review. All loans subject to credit approval and membership requirements. See Products and Services Details for more information.
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