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.
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
- 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.
- 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.
- 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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