What is the Single Loan Close Construction Program?

 

The ETFCU Single Loan Close Construction program helps streamline the process of building your home and securing permanent financing. A single loan covers your construction costs and mortgage. One loan. One closing. One easy process.

What are the Benefits of This Loan Program?

 

Benefits include:

 

  • Down payment as low as 5% up to conforming loan limits of $484,350
  • Jumbo loan financing available with 20% down over conforming loan limits
  • The construction loan and lot purchase can potentially be completed at the same time
  • Construction periods of 9 months to 12 months available depending on the size of the project
  • Interest-only payments on outstanding loan balance during construction. Escrow payments and PMI (private mortgage insurance) will be due monthly as well if applicable
  • Loan terms up to 30 years, as well as 5-year, 7-year, and 10-year Adjustable Rate Mortgage options.
  • Dedicated construction loan specialist to facilitate draws during the construction period

 

How much house can you afford? Find out with our Mortgage Calculator.

Learn More About the Application Process for This Loan Program

Contact Evansville Teachers Federal Credit Union today and a home mortgage professional will walk you through the program application process, and answer any questions you might have.

Get Started!