Construction Loans
Building your dream home can be easy and affordable when you choose USU Credit Union for your construction loan.
One-time and two-time options are available to best fit your needs.
Benefits of a USU Credit Union Construction Loan:
- Up to 90% financing
- 9- and 12-month construction terms
- One-time and two-time closing options
- Competitive rates
Construction Loan Rates*
as low as
One-Time Close Construction Loan
Close on both the construction loan and long term mortgage at once. With the one-time closing, your interest rate as well as the loan amount is set before construction begins.
Interest-only payments are made during the construction phase with monthly payment amounts increasing as funds are utilized.
The loan converts to a long term mortgage upon completion of construction, upon which the borrower will commence making principal and interest payments.
Two-Time Close Construction Loan
Apply and qualify for two separate loans – A construction loan and a separate, long term mortgage.
Interest-only payments are made during the construction phase with monthly payment amounts increasing as funds are utilized.
The long-term mortgage is considered a loan refinance, which will be used to pay-off the construction loan upon completion. A refinance transaction offers the flexibility to select the mortgage product, rate and loan amount at construction completion. It also offers the possibility of increasing the loan amount due to cost overruns.
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