When you want to build a home, a construction loan from the home loan experts at Royal Credit Union is the answer. Royal offers construction loans for building your dream home or building a second home. You can include the cost of a land purchase if you do not already own the property where you are building. Land loans for vacant lots or recreational land are also available.
- Our construction loan allows a building period of up to 9 months. During the construction period, borrowers pay only the interest on their construction loan.
- When construction is complete, the loan converts to a conventional fixed-rate or adjustable-rate mortgage.
- We offer flexible rate lock options, with the ability to lock in permanent financing at the start of construction or after construction is complete
- One-time or two-time closing is available, depending on your needs
Vacant Lot Or Recreational Land Loans
- We offer financing to purchase empty lots for future construction as well as land for recreational purposes like hunting
- Agricultural land and other types of land used to provide income are not eligible for land loans
- Financing options for land loans include 1-year, 3-year, and 5-year adjustable-rate mortgages
Rate and payment are based on a loan amount of $250,000 for the purchase of a single family primary residence.