New Construction Loans
DuTrac Community Credit Union’s Lock-n-Build Plus Home Construction Loan Program can be a “one-time close”. This home construction loan program finances the construction of a primary residence or a second home providing both the construction financing and permanent loan are all done in one closing.
You can “lock in” the permanent rate at closing and receive up to six months to complete your new home construction. To assist the appraiser and the lender in determining the value of the home after it is built, information must be provided such as:
- What is going to be built or constructed?
- What materials are going to be used?
- How much will the material cost?
- How much is the actual work going to cost?
- How much did the land cost, and what is it worth today?
- How much will be spent on plans and permits?
Lock-n-Build Plus gives you the opportunity to design and build the home of your dreams without dealing with the worries associated with the mortgage process. No more holding your breath hoping rates don’t increase while you’re building. But even better, a very low, up-front construction rate gives you the flexibility needed as your dreams are turned into reality. All this happens automatically and without added mortgage fees.
If you have further questions regarding DuTrac Community Credit Union’s Lock-n-Build Plus Loan, please contact our highly qualified real estate department by e-mail at realestate@dutrac.org, by phone at (563) 582-1331, or 1-800-475-1331 to schedule your appointment.
