Construction Loans

Total Community Credit Union has programs available to suit all of your needs!

You can use a construction loan to:

Purchase vacant land.
Build your new home on your own property.
Make major home improvements on your existing home.
Build anywhere in Michigan.

Types of Products

1.) Construction to Permanent Mortgage. Loans for new home construction of a primary residence, second home, or investment property. Must hire an experienced professional licensed and insured builder.

Construction loan can be 6, 9, or 12 month term.
Mortgage can be 15, 20, or 30 year fixed rate or an adjustable rate mortgage.
Mortgage rate can be locked upfront.
Construction loan uses same interest rate as mortgage.
One closing means only one set of closing costs.
No re-qualification upon completion of home.
5 draw schedule.

2.) Remodeling/Renovations + Mortgage = "1" Loan. Financing program that combines home improvement and a mortgage with only one loan for a primary residence, second home, or investment property. Must hire an experienced professional licensed and insured builder. Minor owner labor allowed.

Construction loan has a 6 month term.
Mortgage can be 15 or 30 year fixed rate or an adjustable rate mortgage.
Mortgage rate locked up front.
One closing, one rate. Purchase a home and finance your improvements with ONE loan.
Fix up investment properties.

3.) "2 Step Flex" Flexible Construction Loan and Mortgage. Loans for new home construction or extensive remodeling project. This program allows for owner (no license required) and/or builder projects.

Construction loan has a maximum term of 12 months.
Mortgage rate is determined upon completion of construction.
Interest only payments during construction are made at Total Community Credit Union.
Low money down option.
Loan is based on completed value.
Unlimited draws.

4.) Vacant Land Loans. The Construction Loan Co. offers loans for purchasing or refinancing vacant land in certain states. The vacant land loan program is designed to help you secure property so that you can build a home in the near future.

$500.00 Application Fee - Includes appraisal and boundary survey.
$500.00 Processing Fee - $300.00 rebate offered on closing costs when paying off vacant land loan and converting to construction loan/mortgage with the Construction Loan Co.
Purchase or refinance (payoff land contract).

The Construction Loan Company oversees all construction processes.

Rates and terms are subject to change.

Call the Mortgage Department at (313) 291-3300 or (800) 291-3003 for further details or send an email to mortgages@tccu.us.

Click here for Construction Loan interest rates.