• Construction terms up to 12 months
• Downpayment requirements as low as 5%
• A fixed interest rate during the construction period; see Rate Schedule
• Flexible draw periods to accommodate the needs of General Contractor and Member
• Automatic conversion to a Five-Year Balloon Loan at the end of the construction period, thereby reducing closing costs

Turn Key Packages:

Construction Loans may be also used to build modular, manufactured and doublewide homes on a full foundation.

When applying for a Construction Loan, please provide the following information:

• Verification of employment (most recent pay stub) or at least two years' income tax returns if self-employed
• Verification of funds for the down payment and closing costs
• Copy of deed to your land (if currently owned)
• Copy of Sales Agreement on land (if being purchased)
• Construction contract between you and the builder - this must be signed by both parties
• The contract will define the total set price to build, a specified completion time and the number of draws for work done (six or less pay out stages)
• Complete construction plans and specifications (materials to be used)
• Building permit
• Builder's Risk Insurance during the construction phase (needed at closing)

Note: Our Construction Loan program is specifically designed for those Members who have a General Contractor build their home. The program is flexible, however. Members will be allowed to be their own general contractor if they have a large down payment and they demonstrate the experience and skills necessary to complete the homebuilding project.

Call one of our Loan Officers at (207) 353-4144 or toll-free at (877) 353-4144 or e-mail us today for more information on this great program!