Build your dream Home from the ground up.
Construction & Land Loans
Dream home here you come! Construction loans give you the funds to pay the builder during construction, then switch to a regular mortgage when construction is complete. And to keep things simple, there’s only one loan closing, for both the construction loan and your mortgage.
- Interest-only payments on funds paid to builder (for up to nine months, during construction)
- Loan serviced locally by Summit
- Jumbo loans accepted
Construction Permanent Loans require more than the standard underwriting, documentation, and lender review, including review and approval of the builder.
Some examples include:
- Plans and specifications
- Material specifications
- Construction contract
- Construction cost breakdown
Please contact our mortgage loan department for a construction loan checklist listing required documentation. Summit Credit Union members may apply and receive online approval for our construction loan programs.