Construct, remodel your home with Construction Loan

University Federal Credit Union is authorized to finance the construction or remodeling of a member's primary residence or second home. The construction loan can be used to construct a new home or complete a major remodel on an existing home.

Only 10% Down Payment

Save Hundreds of Dollars

The minimum down payment required is 10% of the cost of construction plus the cost of the land if purchased in the last two years or the appraised value if purchased more than two years ago. Any equity you have in the land will count towards the down payment. We can finance for a 6-month term (the term can be extended later). Once the project is completed, the loan will be refinanced to a permanent mortgage loan.

A general contractor should be hired to oversee the project other than the borrower. Also the loan has to be in the member's name and not in the name of the builder.

How to apply?

You can apply for pre-approval by phone during normal business hours (8am-5pm Monday-Friday). Upon approval, we will mail you the full application and a list of documentation that you need to provide us. You can also pick up the application at any branch, or we would be happy to mail osne to you.