OnPath Credit Union
Louisiana Home Construction Loans
Building your own home can be a golden opportunity; you get to customize features and create your dream house. However, you’ll likely need financing to pay for its construction, which a traditional mortgage won’t cover. Fortunately, you can get the funding you need with home construction loans from OnPath Federal Credit Union.
What Does a Construction Loan Cover?
A lot goes into making a house a home: framing, roofing, plumbing, and even landscaping. Additionally, if you don’t own land already, you’ll need to purchase some to build on. So what exactly do construction loans cover? We offer three different types of financing so you can find the option that best fits your needs.
As the name implies, new construction loans are for the purpose of building a house from the ground up. You can use these funds for a variety of expenses:
- Contractor labor
- Interior finishing costs
- Fees and permits
This type of financing is short-term, typically lasting a year. In the end, you can usually refinance the remaining principal into a traditional mortgage.
If you already own property and want to make improvements on it, you can access your home’s equity with a renovation loan. Instead of getting a lump sum as you would with a mortgage, this type of financing is usually structured differently, which allows you to access funds.
Before you can start building a house, you need land. OnPath Federal Credit Union can lend you the funds to both purchase the perfect lot and construct your house. OnPath FCU’s specialty is lot land that is ready for residential construction. This type of land is usually part of residential development and already has the infrastructure in place, like utilities and roads.
What Are the Benefits?
Partnering with OnPath Federal Credit Union offers several benefits:
- Competitive construction loan rates
- Quick decision making
- Easy pre-qualification
- Expedited mortgage process
By choosing to build your own home, you get to delegate funds where you see fit. That means more control over quality.
Why Choose Us?
You need a reliable lender that values its customers. At OnPath Federal Credit Union, we’re proud to provide exceptional service to our members. To speak with one of our financial professionals, give us a call at 800-749-6193
*APR = Annual Percentage Rate. Introductory rate as low as 1.99% APR reflects 36-month term, includes all discounts, and is based on applicant meeting certain criteria. Estimated payment is $39 per month, per $1,000 based on rate of 1.99% APR for 36 months.
Finance charges begin on the date the loan is made and interest accrues during the payment deferral period. First payment is due within 90 days of loan disbursal. Other terms and conditions may apply. Offer subject to change without notice. For more details, contact 504.733.7274 or 800.749.6193. Offer expires 5.31.20. Insured by the NCUA.
Image Credit: ALotOfPeople via Getty Images