Construction Loans & New Build Loans

If you plan to build your dream home in Michigan, a construction loan or custom build loan is the way to go. Whether you’re building a primary or secondary home, Consumers Credit Union can provide new construction loans up to 95% of the value.

Plus, you’ll benefit from:

  • One-time closing, which means less paperwork to sign and fewer closing fees.
  • Locking in your rate at the time of application for up to 12 months ­– even if interest rates rise while you’re building.
  • A low, fixed construction administration fee.
  • Quick builder approval process.

Upon completion of construction, your construction loan rolls over into a standard home loan. It’s hassle-free because there’s no additional paperwork.

Vacant Land Loans and Vacant Lot Loans

Buildable Lot Loan

To be eligible for our vacant lot loans, you must have a credit score of at least 700, and the lot must be less than 40 acres. If the loan amount exceeds $100,000, a larger down payment may be required.

 

Recreational Land Loan

If you’re looking to purchase more than 40 acres for recreational use with no intent to build, this land loan option may be for you. It requires 25%* down on an aggressively low fixed rate over 30 years.

How do I use a construction loan or land loan?

New build loans are the perfect way to fund construction of the home you’ve always wanted and can be used to pay for any of the steps involved in building a new home, including:

  • Financing the needed materials for your home
  • Paying the contractors for their labor
  • Obtaining necessary permits

These loans are delivered before construction begins and will roll over into a standard home loan once construction is complete.

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Learn more about Mortgage Basics
Two young girls holding cardboard boxes on a front porch about to enter the door

Learn more about the mortgage process and find the documents you'll need to get started.

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Personal service from local lenders

Everything about loans at Consumers is done locally–including underwriting, processing and servicing. Throughout the construction loan process, a mortgage loan officer is your single point of contact. You’ll get the guidance and answers you need–when you need them–every step of the way.

Find a Loan Officer

Savings Goal Calculator

Determine how soon that new house is going to be yours with our savings goal calculator.

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