Construction Loans

Building a brand new home or renovating an existing home can be quite expensive initially, but Essential FCU’s Construction Loan Program will there to help with the costs from the conception to the completion of your dream home.

  • Financing from conception to completion. Essential FCU’s Construction loan program offers financing up to 95% loan to value and allows the member to purchase the land and construct the home over a period of 9 months, which can be extended to 12 months on a home with over 2,499 square feet of living area.

  • Easy access to funds. Construction loan proceeds are disbursed and deposited into the member's construction checking account according to the draw schedule and subject to progress inspections ordered by Essential FCU.

  • Flexible payment options. Members will be billed monthly interest only payments which are based on the amount of funds drawn off of the loan at the time of the monthly billing, until completion of the home. Members my make additional principal payments on the loan at any time.

  • Flexible eligibility requirements. Members who want to build or renovate their primary or secondary residence through an approved builder may apply for Essential FCU’s Construction loan.*

  • A “hassle-free” environment. Our construction loan program is built around helping you build the home of your dreams. Therefore, we strive to let our members maintain as much control during construction as possible.

  • Easy and flexible permanent financing options. After construction is complete, members may choose from a variety of Essential FCU mortgage option for permanent financing of their home.

     

GET STARTED TODAY, contact us at 1.888.369.207 or visit one of our Branches