Construction loans are not difficult – just different than regular home loans. Let the credit union help take the “mystery” out of the process for you. Greater TEXAS Federal/Aggieland Credit Union partners with CU Business Solutions (CUBS) to facilitate construction loans for our members.
CU Business Solutions will guide you through the application and processing stages, then they will be there with you during the actual construction process. Loan advances to your builder will be handled though their servicing department, making sure inspections have been completed and approved before funds are transferred.
If you own your own land, CU Business Solutions can use this equity to help determine your loan-to-value for the construction loan. At this time they finance 75-80% of the actual construction costs, plus the value/price of the lot. Permanent financing must be pre-approved for the completed home. If you have not arranged the permanent loan, they can help you with that application process. Information is also available on Qualifying your Builder and Construction Loan Frequently Asked Questions.
Contact CU Business Solutions to find out more or to apply!