Construction Loans

Apply Now



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.

Apply NowGet PreapprovedExplore Lot Loans

Not sure which step to take? Request a call from one of our lending specialists and get help from an expert.



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:

  • 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.

  • The builder begins work on your home.

    Every time the builder reaches an established checkpoint in the draw schedule, your home will be inspected.

  • The builder finishes your home.

    After the builder has completed your home (or renovations), we'll schedule a final inspection and/or appraisal.

  • 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.



Calculate Your Payments

Use this interactive calculator to explore your financial options.

Use this helpful calculator to estimate what your monthly payment could be based on the purchase price and your down payment.>> Monthly Payment Calculator

Fast Online Preapprovals

Get preapproved for your home loan fast and easily at UWCU.

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 Preapproved

Explore Lot Loans

Explore the variety of home loan options from UWCU - fixed-rate, ARM, government, construction and more.

Not sure if a construction loan is what you're looking for? If you need to purchase land on which to build your home, consider a Lot Loan.  

 >> Review Options

Get Started Today

Get PreapprovedApply Now

Have questions or need more help?


Schedule an Appointment

Schedule an appointment to connect with a UW Credit Union expert.

Appointments are available via phone or in person with our mortgage loan officers.>> Schedule Here

Request a Call

Complete this fast form and our loan experts will call you.

Complete this form with your contact information and get a fast response from one of our experts! 
>> Request a Call

Connect with a Mortgage Loan Officer

Employee Icon

Our knowledgeable and experienced team of mortgage loan officers are looking forward to working with you. 
>> Meet Our Team