Home Construction Loan
If you’re in the housing market and looking to personalize your home, a construction loan could be a great option. Construction loans can be used to build a new home or modify an existing one. Find the money to fund construction on your custom home at Oregon State Credit Union. With our one-close construction loan, you may save money by financing the construction and the mortgage as one transaction at the same time.
- Apply now for home construction financing: Call 800-732-0173.
$500 reduction off lenders fees
The $500 reduction off lenders fees is valid for Premier Members. This offer is not valid for Short Term Second Lien Home Equity Loans. See a Mortgage Loan Officer for further details and how to qualify for Premier Membership.
Home Construction loan features
Smaller monthly payments in the beginning because you pay only the interest during construction
Flexible terms of 15, 20 and 30 years
Locally serviced loan: Talk to a real person and make your payments locally
Having your construction loan and traditional mortgage loan in one closing provides a financial benefit
Down payment as low as 20%
If you own the land, your land may be used towards your 20% down payment
Choose from qualified builders
Is a Home Construction loan right for you?
A Home Construction loan is perfect if you want:
To build your dream home
To modify an existing home
The flexibility to choose where to build and which contractor to use
A loan that is serviced locally
Here's an example of Home Construction loan terms
Loan example: On a 30-year construction loan of $180,000 and an estimated property value of $240,000 at 4.04% APR (interest rate 4.00%), there would be interest-only payments during the construction period, with monthly payments of $859.35 for the permanent loan period. Qualification is based on credit profile, loan-to-value ratio, and loan term. Rate is based on specific product type chosen. An escrow (impound) account may be required for taxes and insurance and will increase the amount of the monthly payment. All loans subject to approval.
Apply now for home construction financing
- Call 800-732-0173 to apply for your Home Construction Loan.
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