Home Construction Loan

If you’re in the housing market and looking to personalize your home, a new construction loan could be a great option. Home construction loans can be used to build a new home or modify an existing one. Find the money to fund construction that allows you to customize the building or remodeling of your home. Oregon State Credit Union offers our one-close construction loan, designed to help you save money by financing the construction and the mortgage as one transaction at the same time.

Apply here | Construction loan

Today's Construction Loan rates

About our home construction financing

  • 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 these builders

$500 off lender 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.

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

Apply here | Construction loan

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