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.

One-Time Close*

Lock in your rate from the beginning.
Enjoy no additional construction loan fees!

Terms Up to 24 Months*

Up to two years to build your dream home. Our dedicated construction department will help you every step of the way. 

Interest-Only Payments*

You already have enough to worry about during construction, so only pay for the interest on the loan during the construction phase. 

Choose Your Own Builder**

It's your dream home so you should choose your own dream builder.  TCU is repected by Indiana's top builders!

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Construction Loan FAQs

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.

  • Signed Construction Contract between yourself and the builder or contractor
  • House Plans for the house you are building
  • Detailed specifications on how the home is being built – things like the type of heating, plumbing, electrical, kitchen, baths, etc.
  • Any quotes outside the building contract, such as swimming pools, sheds, landscaping, etc.
  • Income Documentation

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.