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Construction Loans

Construction Loans

Can't Find Your Dream Home on the Market? Build Your Dream Home. It's Easy with Fox.

If you’re ready to go from imagining your dream home to building your dream home, you’ve come to the right place! Count on the lending experts at Fox Communities Credit Union to walk you through your choices and help you find the loan that best suits your needs.

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.

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House Construction Loans

We make getting a loan to build a house easy. For as little as 10% down, start building the home of your dreams with our single-close construction loans.

  • Save money with only one closing for both the construction loan and your mortgage.
  • Lock your interest rate as soon as you start building.
  • Your construction loan automatically converts to a regular mortgage when construction is complete.
  • Already own your lot? You can use it as equity to secure your house construction loan in lieu of a cash down payment.

Getting a loan to build a house is simple with Fox. Contact us today!

Construction Loan Options

Fox Communities Credit Union’s single-close construction loans come in the following options: 5/1 or 10/1 Adjustable Rate Mortgages (ARM) Programs, or a 15-year fixed rate mortgage. Any time after construction is complete, you can opt to refinance and switch to one of our other fixed-rate mortgages.

View the Daily Rate Sheet for all home loan options, details and disclosures.

How Construction Loans Work

Construction loans have two components:

  • 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 rate
  • If you prefer, you can choose to apply for a different fixed-rate mortgage.

Documentation and Approvals required for Construction Loans

In addition to the paperwork and documents required for a typical mortgage, Fox will also 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.

Additional Banking Resources

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You are about to leave Fox Communities Credit Union's website. Any external site listed here is not under the control of Fox Communities Credit Union. Thank you for visiting. Please return when you need information about Fox Communities CU's products and services.

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