Consumer Construction Lending is available on residential 1–4 unit family homes. These loans can be offered as a consumer loan to an individual/owner who intends to occupy the home being built as their primary residence. Properties being built must be located within the Omaha metropolitan area. The Mortgage Department will handle these loans; they are located at 13120 Pierce Street, Omaha, NE branch.
- Loan Amount: Up to 80% of the appraised value or purchase amount whichever is less. Purchase amount includes the cost of construction plus any lot costs.
- Occupancy Type:
- Owner occupied primary residence
- Owner occupied secondary home
- Loan Type and Terms:
- Fixed Rate Loan
- Twelve Month Term
- Borrower pays interest monthly during the term of the loan with a balloon payment due at maturity.
- Prepayment Penalties: None
- Loan Approval: The Mortgage Department requires the borrower be pre-approved for mortgage financing with Centris Federal Credit Union. The Mortgage Department will work collaboratively to collect necessary approval and project information from the borrower.
- Closing Costs: Closing costs include (but are not limited to) appraisal, title work, flood certification, loan origination fees and recording fees.
Benefits
- Saves you money with competitive rates.
- Offers you peace of mind knowing your experienced and qualified Mortgage staff will guide you through the entire process.
Target
Members who are working with a builder to have a new home constructed.
Members who may have recently purchased a lot and are looking for guidance with the new construction process.
Members who want to take advantage of the ability to finance both the construction and mortgage at one financial institution.