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.
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 Officers
Whether you’re looking to buy or refinance, we have a team of local mortgage loan officers ready to help.
Virginia Statewide Title Services
Offers 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.?
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Mortgage Resources
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Construction Loan FAQs
Frequently asked questions about construction loans.
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Mortgage FAQs
What does pre-qualified mean? What do closing costs include? Get answers from our experts.
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Mortgage Online Application FAQs
With MemberConnect, applying online for a mortgage from has never been easier—but that doesn’t mean you won’t have questions. Here’s what our members ask the most.
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