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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.
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.
Lock in your rate from the beginning.
Enjoy no additional construction loan fees!
Up to two years to build your dream home. Our dedicated construction department will help you every step of the way.
You already have enough to worry about during construction, so only pay for the interest on the loan during the construction phase.
It's your dream home so you should choose your own dream builder. TCU is repected by Indiana's top builders!
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.
* Rates subject to change. Builder qualifications subject to lender review. All loans subject to credit approval and membership requirements. Actual APR based on borrower’s credit history, loan to value and loan terms. TCU construction loans are construction-to-permanent loans, with a 12- to 24-month construction period. During construction TCU makes payments to the builder at certain key points contingent upon passing required inspections. Member loan payments are interest-only during this period, based on the total amount of money that has been advanced by TCU to the builder. If construction is not completed on that date, upon request of Lender, Borrower agrees to execute a modification agreement in form and substance satisfactory to Lender. After Construction: When the loan converts to a permanent loan, payment will be required based on the agreed term and rate. For example, if the term is 30-years at an APR of 4.875%, the payments on a loan of $200,000 will be $1,058 per month. Taxes and insurance not included; your actual payment obligation will be higher. Payment example does not include the interest-only construction phase payments.
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