Dream it, design it, and then build your one-of-a-kind home.

Two loans in one

Save time and money with just one closing for construction funds and regular mortgage.

Competitive rates

You can lock in your long-term interest rate as soon as you start building.

Perk of owning your lot

You can use it as equity to secure your house construction loan in lieu of a cash down payment.

Our construction loans are single-close, which means you only pay closing costs once, and your construction loan converts to a regular mortgage, once building is complete.

You want something new and different - and uniquely yours. That's why you've decided to have your next home built from the ground up. A short-term Construction Loan covers costs from the foundation to the last roof shingle, and then conveniently convert to a regular mortgage once you move in.

  • Down payments as low as 10%
  • Save money with only one closing for both the construction loan and your mortgage
  • Lock in your interest rate as soon as you start building
  • Your construction loan automatically converts to a regular mortgage when construction is complete
  • Mortgage options are 5/1 or 10/1 adjustable-rate mortgages or 15-year fixed-rate mortgage
  • If you already own your lot, use it as equity to secure your house construction loan in lieu of a cash down payment

How It Works

Draw Period

  • Lasts up to nine months.
  • Construction happens during this period.
  • As various construction milestones are met, Fox will conduct a property inspection to disburse funds, dependent on the construction that has been completed.
  • During this period, you’re only responsible for interest payments on your loan, which are based on the disbursed balance of your loan.

Construction-to-Permanent Loan

  • This period begins when construction is complete, and Fox has received final inspection documents and a certificate of occupancy.
  • This is when the construction loan transitions from interest-only payments to your selected mortgage.
  • Your payments will reflect the interest rate at the time of your closing.
  • If you prefer, you can choose to apply for a different fixed-rate mortgage.

Documentation/Approvals Required

  • Fox will need to review and approve your builder.
  • Your Fox loan officer will provide you with a complete list of required documents and will be happy to answer any questions you might have about the process.

Fox Communities Credit Union is a full-service, not-for-profit financial institution serving members throughout Eastern Wisconsin, including Appleton, Green Bay, Oshkosh, Manitowoc, and Milwaukee.



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