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Construction Loans

Construction Loans

From 'dream' home to 'wow, this is my home!'

Build the home of your dreams with a new construction loan from Fox Communities Credit Union

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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How Does a Construction Loan from Fox Work?

Construction loans have two components:

  1. The Draw Period (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.
  2. The Construction to Permanent Loan Period
    • 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.

what are my Construction Loan Options at fox?

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.

Are you thinking of purchasing a spec home, or builder-financed new construction? We offer an extended rate lock program. 

Learn more about our Extended Rate Lock Program. Have questions? Please contact us and we’ll be happy to help!

what are the benefits of a House Construction Loan from fox?

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.

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

What Documentation and Approvals are required for a Construction Loan from Fox?

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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