We offer Adjustable-Rate Mortgages (ARM) and Fixed-Rate loans that enable our members 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. At that point, standard mortgage payments are based on the permanent loan interest rate and the loan term begins. Your loan payment will include principal, interest and also taxes and insurance, if requested. During this time, you may exercise the interest rate float down option.
30 Year Fixed Construction
| Best Choice If:Building a primary residence or second home
Wanting to finance the lot purchase or lot payoff, home construction costs and a permanent mortgage into one loan
Looking for a loan for new construction and you plan to hire a Licensed Builder
Interested in 12 or 18-month build period | Advantages:Monthly draws during the construction term
Interest Rate locked before breaking ground
Interest-only payment required during construction phase
Loan re-qualification is not required upon completion
Rate float-down available when construction is complete
Option to pay down your principal balance at conversion to permanent mortgage | Disadvantages:Increase in loan amount not available
Must hire a Licensed Builder for entire home building project. |
5/6 ARM Construction SOFR
| Best Choice If:Building a primary residence or second home
Wanting to finance the lot purchase or lot payoff, home construction costs and a permanent mortgage into one loan
Looking for a loan for new construction and you plan to hire a Licensed Builder
Interested in 12 or 18-month build period | Advantages:Monthly draws during the construction term
Interest Rate locked before breaking ground
Interest-only payment required during construction phase
Loan re-qualification is not required upon completion
Rate float-down available when construction is complete
Option to pay down your principal balance at conversion to permanent mortgage | Disadvantages:Increase in loan amount not available
Must hire a Licensed Builder for entire home building project
It's riskier if you don't expect your income to increase over the initial fixed rate period to cover the potential change in monthly payment
Interest rate may rise above the current fixed rates over time |
7/6 ARM Construction SOFR
| Best Choice If:Building a primary residence or second home
Wanting to finance the lot purchase or lot payoff, home construction costs and a permanent mortgage into one loan
Looking for a loan for new construction and you plan to hire a Licensed Builder
Interested in 12 or 18-month build period | Advantages:Monthly draws during the construction term
Interest Rate locked before breaking ground
Interest-only payment required during construction phase
Loan re-qualification is not required upon completion
Rate float-down available when construction is complete
Option to pay down your principal balance at conversion to permanent mortgage | Disadvantages:Increase in loan amount not available
Must hire a Licensed Builder for entire home building project
It's riskier if you don't expect your income to increase over the initial fixed rate period to cover the potential change in monthly payment
Interest rate may rise above the current fixed rates over time |
10/6 ARM Construction SOFR
| Best Choice If:Building a primary residence or second home
Wanting to finance the lot purchase or lot payoff, home construction costs and a permanent mortgage into one loan
Looking for a loan for new construction and you plan to hire a Licensed Builder
Interested in 12 or 18-month build period | Advantages:Monthly draws during the construction term
Interest Rate locked before breaking ground
Interest-only payment required during construction phase
Loan re-qualification is not required upon completion
Rate float-down available when construction is complete
Option to pay down your principal balance at conversion to permanent mortgage | Disadvantages:Increase in loan amount not available
Must hire a Licensed Builder for entire home building project
It's riskier if you don't expect your income to increase over the initial fixed rate period to cover the potential change in monthly payment
Interest rate may rise above the current fixed rates over time |
5/5 ARM Construction CMT
| Best Choice If:Building a primary residence or second home
Wanting to finance the lot purchase or lot payoff, home construction costs and a permanent mortgage into one loan
Looking for a loan for new construction and you plan to hire a Licensed Builder
Interested in 12 or 18-month build period | Advantages:Monthly draws during the construction term
Interest Rate locked before breaking ground
Interest-only payment required during construction phase
Loan re-qualification is not required upon completion
Rate float-down available when construction is complete
Option to pay down your principal balance at conversion to permanent mortgage | Disadvantages:Increase in loan amount not available
Must hire a Licensed Builder for entire home building project
It's riskier if you don't expect your income to increase over the initial fixed rate period to cover the potential change in monthly payment
Interest rate may rise above the current fixed rates over time |
Jumbo 30 Yr Fixed Construction
| Best Choice If:For loans amounts over $766,550
Building a primary residence or second home
Wanting to finance the lot purchase or lot payoff, home construction costs and a permanent mortgage into one loan
Looking for a loan for new construction and you plan to hire a Licensed Builder
Interested in 12 or 18-month build period | Advantages:Monthly draws during the construction term
Interest Rate locked before breaking ground
Interest-only payment required during construction phase
Loan re-qualification is not required upon completion
Rate float-down available when construction is complete
Option to pay down your principal balance at conversion to permanent mortgage | Disadvantages:Increase in loan amount not available
Must hire a Licensed Builder for entire home building project. |
Jumbo 5/6 ARM Construction SOFR
| Best Choice If:For loans amounts over $766,550
Building a primary residence or second home
Wanting to finance the lot purchase or lot payoff, home construction costs and a permanent mortgage into one loan
Looking for a loan for new construction and you plan to hire a Licensed Builder
Interested in 12 or 18-month build period | Advantages:Monthly draws during the construction term
Interest Rate locked before breaking ground
Interest-only payment required during construction phase
Loan re-qualification is not required upon completion
Rate float-down available when construction is complete
Option to pay down your principal balance at conversion to permanent mortgage | Disadvantages:Increase in loan amount not available
Must hire a Licensed Builder for entire home building project
It's riskier if you don't expect your income to increase over the initial fixed rate period to cover the potential change in monthly payment
Interest rate may rise above the current fixed rates over time |
Jumbo 7/6 ARM Construction SOFR
| Best Choice If:For loans amounts over $766,550
Building a primary residence or second home
Wanting to finance the lot purchase or lot payoff, home construction costs and a permanent mortgage into one loan
Looking for a loan for new construction and you plan to hire a Licensed Builder
Interested in 12 or 18-month build period | Advantages:Monthly draws during the construction term
Interest Rate locked before breaking ground
Interest-only payment required during construction phase
Loan re-qualification is not required upon completion
Rate float-down available when construction is complete
Option to pay down your principal balance at conversion to permanent mortgage | Disadvantages:Increase in loan amount not available
Must hire a Licensed Builder for entire home building project
It's riskier if you don't expect your income to increase over the initial fixed rate period to cover the potential change in monthly payment
Interest rate may rise above the current fixed rates over time |
Jumbo 10/6 ARM Construction SOFR
| Best Choice If:For loans amounts over $766,550
Building a primary residence or second home
Wanting to finance the lot purchase or lot payoff, home construction costs and a permanent mortgage into one loan
Looking for a loan for new construction and you plan to hire a Licensed Builder
Interested in 12 or 18-month build period | Advantages:Monthly draws during the construction term
Interest Rate locked before breaking ground
Interest-only payment required during construction phase
Loan re-qualification is not required upon completion
Rate float-down available when construction is complete
Option to pay down your principal balance at conversion to permanent mortgage | Disadvantages:Increase in loan amount not available
Must hire a Licensed Builder for entire home building project
It's riskier if you don't expect your income to increase over the initial fixed rate period to cover the potential change in monthly payment
Interest rate may rise above the current fixed rates over time |
Jumbo 5/5 ARM Construction CMT
| Best Choice If:For loans amounts over $766,550
Building a primary residence or second home
Wanting to finance the lot purchase or lot payoff, home construction costs and a permanent mortgage into one loan
Looking for a loan for new construction and you plan to hire a Licensed Builder
Interested in 12 or 18-month build period | Advantages:Monthly draws during the construction term
Interest Rate locked before breaking ground
Interest-only payment required during construction phase
Loan re-qualification is not required upon completion
Rate float-down available when construction is complete
Option to pay down your principal balance at conversion to permanent mortgage | Disadvantages:Increase in loan amount not available
Must hire a Licensed Builder for entire home building project
It's riskier if you don't expect your income to increase over the initial fixed rate period to cover the potential change in monthly payment
Interest rate may rise above the current fixed rates over time |
