Construction Loans
Get Preapproved
Create your dream home with simple, affordable financing.
Build a new house from the ground up or renovate your current home with a construction loan.
- Low 10% minimum down payment
- 12-month interest-only loan
- Competitive fixed rate
- Available for first or second homes
Easy Process, Expert Guidance
No matter where you're at in your journey—from setting your budget, to finding land and finalizing blueprints—our construction loan specialists will make every next step easy and stress-free.
Construction
Ask us about our extended rate locks! Now available.
How a Construction Loan Works
Once you've identified the land you want to build on, have plans to purchase it and have finalized design plans, you can apply for a construction loan. Once you apply, we'll appraise your new home's designs and qualify you for the loan. Then:
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We set up a draw schedule
This establishes checkpoints for when we'll disburse funds to your builder. Typically, new builds have 4 to 6 scheduled draws for milestones in the building process, such as the completion of the foundation, framing of the home, etc.
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The builder begins work on your home.
Every time the builder reaches an established checkpoint in the draw schedule, your home will be inspected.
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The builder finishes your home.
After the builder has completed your home (or renovations), we'll schedule a final inspection and/or appraisal.
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You refinance to a standard mortgage.
While your home is being built, you'll only pay interest on your construction loan. As your new home nears completion, you'll apply for a new loan based on current market rates.
Get Started Today
Complete your FREE preapproval in under 15 minutes! In today's market, having a verified preapproval in hand from a trusted lender can make all the difference.
Get in Touch
We want you to feel at home with your home loan. That's why our local experts are always ready to answer your questions, understand your goals and help you take a smart step forward.
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ITIN Lending - UWCU is proud to accept ITIN for mortgage lending applications.