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