Financing Your Home, Made Simple
Building a home from the ground up is exciting, but financing the process can feel overwhelming. Service Credit Union offers home construction loans designed to cover land and construction costs with flexible options and competitive rates. Whether you’re building your primary residence or a second home, our experienced team helps guide you through each step so you can move forward with confidence.
How Construction Loans Work
At Service Credit Union, we offer specialized loans for new home construction that function differently from traditional mortgage loans.
During the construction period, you’ll typically only make interest payments while the loan funds are disbursed to contractors and subcontractors in regular installments. These payments are referred to as “draws” since you’re drawing on the loan funds to pay for the construction costs as they arise.
- Draw # 1
Site work, Foundation, Framing - Draw # 2
Shingles, Windows, Siding - Draw # 3
Electrical, Plumbing, HVAC Rough in - Draw # 4
Insulation, Sheetrock, Flooring, Trim - Draw # 5
Paint, Fixtures, Appliances
