One-Time-Close Construction to Permanent Loan

Whether you’re building or adding on, we’ll help you get creative.

Hard hat, ruler and contruction drawings on table

Access a loan that’s constructed for homebuilders.

Building a house is a complex process, but Sun Central Credit Union’s One-Time-Close Construction to Permanent Loan takes the hassle out of the financing. Get a single loan and only pay closing costs once for your lot, construction and permanent mortgage.

Perfect for you if:

You are building from the ground up.
You are financing a primary residence or vacation home.
You only want to make interest payments during construction.

Loan Features

Construction loan financing for up to 12 months for conforming loan amounts, and up to 15 months for jumbo loan amounts, both with the ability to convert to a permanent loan.
Choose from a variety of fixed or adjustable-rate loan programs.

Loan Benefits

Interest-only payments during construction.
Fixed interest rate during the construction phase.
No prepayment penalties.
A single set of closing costs.

Considerations

This program is for financing a primary residence or vacation home.
May be used to purchase your lot in addition to financing your construction.
Allows you to prepay without penalty.

Terms

The loan consists of two phases: the construction phase and the permanent phase.
Payments are of interest only during the construction phase.
When construction is complete, the loan is modified into a permanent loan.
Only offered in conjunction with permanent financing.