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New Construction & Vacant Land Loans

Take your dream beyond a blueprint with a construction or vacant land loan

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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

Construction Loans

  • 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:
    • If you choose a 10/1 adjustable rate mortgage, you can lock your permanent financing rate at the start of construction.
    • If you choose a fixed-rate mortgage as your permanent financing, you can lock your rate after construction is complete. You will be able to lock at Royal's rates that are current at the time 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
  • Now through August 31, 2022, we are offering a reduced rate on our 3/1 and 5/1 land loans*. See below for current rates on these loans!

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*APR = Annual Percentage Rate, the rate that reflects the actual annual cost of a loan and includes the loan interest rate, private mortgage insurance, points and some fees. Your actual rate and/or points may be different, and will be based on the actual loan amount, finance charges, your credit history, and transaction type (purchase or refinance). Adjustable Rate Mortgage (ARM) 3/1 or 5/1 explanation: the interest rates shown for these loans is fixed for 3 or 5 years as specified in the loan name and can then change every year according to an index and margin. Lot cannot exceed 10 acres to receive 3/1 ARM rate. Rate must be locked in by 8/31/22. Loans subject to credit approval. Agricultural or income-producing land does not qualify. Other conditions and restrictions may apply. Equal Housing Opportunity.

Adjustable Rate Construction Loan Rate

Monthly Payment

Rate and payment are based on a loan amount of $275,000 for the purchase of a single family primary residence. For loan amounts of less than $275,000, please add 0.125% to the rates shown.

Mortgage Loan Calculators

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