Construction Loans

We realize the importance of your time, especially when you’re dealing with builders and contractors during construction who often require payment before your home is completed.

WCCU offers options that keep your budget in line and your construction schedule on time.

The construction loan is a 12-month interest-only loan. The interest rate is constant, or fixed, during construction. You make interest-only payments during construction based on the amount drawn.  You can purchase the lot before, or at the same time of the construction loan closing. Once the home is 100% complete, we’ll refinance the construction loan into a permanent mortgage. Lot equity typically can be counted towards the down payment.

For more information about our competitive Construction Loans, contact any of our WCCU locations and we will be happy to assist you.

Ready to get started?

Basic Checklist and Information needed during the loan process:

  • Current pay stub(s) or, if self employed, your tax returns for the past 2 years
  • Most recent year’s W-2 form(s)
  • Current and previous residence addresses (for past 2 years)
  • Current and previous employment addresses/positions (for past 2 years)
  • Social Security Number (for new WCCU accounts only)

If you currently own Real Estate:

  • Mortgage/HELOC account information or statement
  • Home insurance policy information (declaration’s page with policy amount)

For Assets, Investment Accounts and Retirement Accounts:

  • 2 most recent monthly bank/credit union statements (not needed for WCCU accounts)
  • 2 most recent Investment account statements (not needed for WCCU accounts)
  • Most recent Retirement account statement

Additional documentation may be requested by your Loan Officer. Documentation varies by loan product and loan type.

Disclaimer: Each loan product requires different loan terms and underwriting guidelines.  Membership with WCCU is required; please review the eligibility guidelines on our website. For specific loan terms and program information please contact a loan officer directly.