fa-angle-leftHome Loans at Virginia Credit Union Construction LoansWe have the tools to help you build your dream home from start to finish. Apply now Talk to a mortgage loan officer We offerfixed rateson construction-only loans.Flexible terms6, 9, 12 month options to choose from.Loan can also includelandor you can refinance your land loan.Why choose a construction loan with VACU? We offer construction-to-permanent and construction-only loans. Construction-to-permanent loans are adjustable rate 12-month loans. Construction-only loans have fixed rates with 6, 9, or 12-month construction options. Can include the land purchase OR pay off an existing land loan. Our easy-to-use digital platform will help pay your builder throughout your construction.Finance building your dream home in 5 simple steps Step 1 Talk to a mortgage loan officer.A mortgage loan officer will help you determine if a construction‐to‐permanent or construction‐only loan works best for you and if you need to buy land with the loan. Our mortgage team will help you get pre-qualified and apply for your loan. Apply now Step 2 Finalize plans with your builder.Before we can help you close the loan, we’ll need you to finalize your plans and specs with your builder. Once finalized, we’ll create a “draw schedule,” which will pay the builder from your loan. Step 3 Close your loan.Once approved, your construction loan and permanent mortgage will move to closing, where all documents will be signed and you’ll pay your closing costs and any required down payment.NOTE: If you choose a construction‐only loan, the closing would only include the construction loan. Step 4 Start building.After you’ve closed, your builder is ready to break ground! We’ll help you streamline the building process through our partner, Built, an online accounting platform to help you pay your builder more easily from the loan. Step 5 Transition to a permanent mortgage.For a construction-to-permanent loan, your loan will transition to a permanent mortgage.For a construction-only loan, we can work with you to refinance your construction loan to a permanent mortgage. Mortgage Loan OfficersWhether you’re looking to buy or refinance, we have a team of local mortgage loan officers ready to help. Learn more Virginia Statewide Title ServicesOffers affordable title insurance to protect you against defects in your property title and can also connect you with a participating closing attorney in your area. Learn about Virginia Statewide Title Services Mortgage ResourcesSee More Resources What to Expect During the Mortgage Process Buying or refinancing a home is easier and you can feel more confident when you know what to expect. Here's a guide to our mortgage loan process. Watch: 9 Questions First-Time Homebuyers Ask When it comes to buying your first home, you have questions, and we have answers. Construction Loan FAQs Frequently asked questions about construction loans.Helpful Articles Insider TipFinancing Your Dream Home with a Construction Loan ArticleHow to Save for a Down Payment ArticleWhat Does Homeowner's Insurance Cover? View more Start building your dream home. Break ground on your next adventure with the help of a construction loan. Apply now Talk to a mortgage loan officer
What to Expect During the Mortgage Process Buying or refinancing a home is easier and you can feel more confident when you know what to expect. Here's a guide to our mortgage loan process.
Watch: 9 Questions First-Time Homebuyers Ask When it comes to buying your first home, you have questions, and we have answers.
Helpful Articles Insider TipFinancing Your Dream Home with a Construction Loan ArticleHow to Save for a Down Payment ArticleWhat Does Homeowner's Insurance Cover? View more