What is a Construction Loan?

When you purchase an existing home, the financing process is complete when the loan closes. With a construction loan, the closing is only the beginning. A construction loan is a short-term loan to fund the construction of your new home. During construction you will make interest only payments to FORUM on the outstanding balance of the construction loan until the home is complete.
 

How do Construction Loans work?

When building is complete, your construction loan will be converted to a long-term mortgage. Your FORUM Mortgage advisor will work closely with you to determine an appropriate loan amount. It is a good idea to get pre-approved ahead of time so that you will know how much home you can afford. 

FORUM Construction Programs:

• Conventional Loans - Up to 95% Loan to Value
• Jumbo Loans - Up to 90% Loan to Value
• Lot Loans - Up to 85% Loan to Value

FORUM Lending Solutions: 

• Lot Loans - As little as 15% down
• Construction Loans - As little as 5% down
• Up-front rate lock for permanent financing
• Build your dream home while you sell your existing home
• Expedited draw and builder communication through our FORUM Builder Services Department

     
What Home Can I Afford? 
   

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Talk to us

To apply for a mortgage or get answers to questions, call our Mortgage Specialists at 317-558-6240 or 866-367-8600 or email us at forummortgage@forumcu.com.

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FORUM NMLS #469848
NMLS Registry Information for FORUM Credit Union Mortgage Loan Originators