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Home
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Construction Loan Guide
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About Construction Loans
About Construction Loans
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?
<< Construction Loan Guide
Your Dream Home >>
Talk to us
To apply for a mortgage or get answers to questions, call our Mortgage Specialists
at
317-558-6160
or
866-367-8600
or
email us at
forummortgage@forumcu.com
.
FORUM NMLS #469848
NMLS Registry Information for FORUM Credit Union Mortgage Loan Originators
About Construction Loans
Your Dream Home
Finalizing Your Home
Related Links:
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