Home Construction Loan
Our Home Construction Loans keep financing simple and fees low on new builds and renovations.
Build or remodel with confidence
KEY BENEFITS
Lower costs
One time close
Flexible options
Why choose an OSCU Home Construction Loan?
Construction projects come with many moving parts — but your financing doesn’t have to. We’ll make the process straightforward and supportive
Lower Costs
- Save thousands with low fees and available down payment assistance
- Premier Members save $500 on lender fees*
Manageable Payments
Make interest-only payments during the construction phase
Simple Closing
One closing combines your construction loan with your long-term mortgage
Flexible Financing
- Put as little as 20% down, or use your land toward the down payment
- Choose from 15-, 20-, or 30-year terms
Local Service
Get local support from start to finish — talk to real people and make payments close to home
Home construction loan resources
* The $500 reduction off lenders fees is valid for Premier Members. This offer is not valid for Home Equity Loans. See a Mortgage Loan Officer for further details and how to qualify for Premier Membership.
On a 30-year construction loan of $520,000 with an estimated property value of $598,000 at 6.54% APR (interest rate approximately 6.50%), you would make interest-only payments during the construction phase, followed by monthly payments of about $3,286.75 during 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.
Browse our Approved Home Builder List to see contractors who are approved for doing Oregon State Credit Union home construction loans.
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More ways to finance your home goals
Already a homeowner? Explore refinancing options or learn how to put your home equity to work.
