Construction Loans
We are pleased to offer an all-in-one construction loan, which enables you to finance the construction of a new home. With BECU's construction-to-permanent loan, construction and permanent loan financing are rolled into one loan so you can lock in your interest rate before you break ground and deal with only one set of closing costs and qualification.
During your build period, interest only payments will be required. To process and manage loan draws, BECU has partnered with Land Gorilla, a construction finance platform that gives BECU members and builders real-time access to request draws through the portal OneSite. With OneSite, borrowers can manage all draw activity in one centralized location to monitor inspections, past draws and new draws. It also integrates inspector and title updates for a more efficient process.
Upon completion of construction and receipt of final inspection and a certificate of occupancy, the loan transitions into the permanent mortgage loan for the remainder of the loan term. Your loan payment will include principal, interest and also taxes and insurance, if requested. Once your construction is complete, you may exercise a one-time interest rate float down option.
To apply for a BECU all-in-one construction loan, you can apply online, apply with a construction loan specialist near you, or give us a call at 800-233-2328 ext. 5772.
Features and Benefits
BECU has the experience and great resources to help you build a home. Work with an experienced BECU mortgage advisor, who can help guide you and your builder through the homebuilding process. We'll also help you determine the best financing options for your circumstances.
With BECU, you can expect competitive loan-to-value ratios, competitive construction loan terms and the resources you need to make the homebuilding process easier.
LOAN FEATURES AND BENEFITS
- Construction and permanent loan financing are rolled into one loan, so you can lock in your interest rate before you break ground.
- BECU can help borrowers purchase their land and build their home.
- Adjustable-Rate Mortgages (ARM) and Fixed-Rate loans are available.
- Receive financing for loan amounts up to $3 million with up to 75% loan-to-value. Up to 80% loan-to-value also available for loan amounts of $2.5 million and below.
- Interest-only payments are required during the construction period.
- 12 or 18-month build periods are available.
- May exercise interest rate float down at time construction is complete.
CONSTRUCTION LOAN DRAW PROCESS
- Land Gorilla will contact both the builder and borrower for an initial welcome call, which will include how to log in to their system, and how to request draws.
- Each draw request must be signed by the borrower and include a lien waiver.
- Land Gorilla receives and reviews each draw and orders an inspection.
- Once the draw is approved by Land Gorilla, BECU issues a wire to the builder.
Construction Documents
In order to process your construction loan application, please review the necessary documentation to make sure the following information is provided by the BECU member and the builder. If all documents are not submitted this may result in the order being placed on hold until all documents are uploaded.
Builder Documents
- Contractor/Builder Questionnaire
- Supporting documents listed on Questionnaire provided by Contractor/Builder
Project Documents
- Fixed-Price Construction Document
- Construction Fixed-Cost Breakdown
- Plans and Specifications
- Land/Lot Purchase Contract (if applicable)
- Builder/Borrower Acknowledgement
- Site or Plot Plan
Please contact our mortgage loan department for a construction loan checklist of required documentation.
To apply for a BECU all-in-one construction loan, you can apply online, apply with a construction loan specialist near you, or give us a call at 800-233-2328 ext. 5772.
