Construction Loans

Yes, as long as they meet lending guidelines for loan approval.

1. The builder, their draw schedule, and additional required information must be reviewed and accepted by PSECU.
2. PSECU must review the plans & specs for the home and provide them to the appraiser.
3. Must be primary or secondary/vacation home. Investment properties are not allowed.
4. Must be a single-family detached house.
5. Loan-to-value cannot exceed 90%.
6. Construction cannot begin until after settlement has taken place.
7. Additional program specific requirements may apply. Your mortgage consultant can help you through any additional requirements.

All work must be completed by the accepted builder.

12 months

No, there are options to purchase the land as part of the construction loan or the land can already have been purchased. If you financed the purchase of the land and still owe money on the land loan, you can refinance part or all of the balance owed when you apply for and close on the construction loan. You may call and speak with a mortgage consultant for more information on what is involved for both options.

Same as applying for a traditional home loan – an applicant can apply online or by contacting one of our mortgage consultants at 800.237.7328, extension 3878. If applying online, the applicant will select “construction loan” in the application.