Building your dream house is a memorable experience — make it a good memory with a construction loan from CP Federal. Build the house you want with one affordable closing that includes both construction and a permanent mortgage. "Draws" are given as construction is completed, and interest only accrues on moneys disbursed to date, not the full amount. Get your plans off the ground — contact our team today.
- Pay interest only during construction
- Favorable construction period available
- Draw-system: money released as construction progresses
- Checks cut directly to suppliers/contractor for convenience
- Plan designed to save you money
- Rolls into permanent mortgage upon completion
- One-time closing saves money on closing costs
- Available on modular homes
Construction Loan Special
Build your dream home with us and get $600 off closing costs if you close by September 1, 2019 - PLUS:
- One time closing saves money, and locks in rate.
- Easy access to funds.
- Flexible draws done in house with dedicated construction loan specialist.
- Use the equity from the appraisal for your down payment.
*Member must be approved and close on a construction loan with CP Federal Credit Union by September 1, 2019. Some restrictions may apply. Membership eligibility guidelines apply.
Conventional loans must meet Fannie Mae Guidelines; maximum loan amount for conventional loans is $484,350.00, Jumbo loans $750,000. All property financed with CP Federal must be owner occupied, no investment or rental property allowed. Conventional loans over 80% LTV must have Mortgage Insurance and are required to escrow for Mortgage Insurance, Homeowners Insurance and Property Taxes. Rates and APRs may vary depending on loan details, such as loan amount, loan-to-value, your credit, property type, purpose (purchase or refinance with cash-out vs. no cash-out), occupancy (owner occupied or second home) and points paid. Rates are subject to change without notice. You will need to speak to one of our loan officers to obtain a specific quote or to lock a rate.
Borrowers must be of legal age to apply for a loan.