New Construction Loan Waco, TX
1st University Credit Union
FINANCE YOUR new build AT 1ST University credit union
When you are in the market for a new home, finding a pre-built that checks all the boxes is hard. And sometimes it is just down-right impossible. When you have made the decision that a ground-up build is what is right for you, turn to the expert Mortgage Services team at 1st University Credit Union. We fund Construction Loans to get you building, and then we’ll work with you to convert your loan to a permanent mortgage.
Why choose us for your Construction Loan?
Easy Builder Approval. After you have checked with several experienced homebuilders and made your selection, we’ll act quickly to approve your builder — we will verify the contractor’s license and review their insurance, and we may request letters of recommendation — to get your construction under way.
Timely Processing of Draw Requests. Your construction crew needs to be paid as work progresses on your new home. That’s why we work diligently to get money into the right hands at the right time. The last thing we want to do is hold up construction on your new home.
The Repayments. With 1st UCU Construction Loans, you will make interest-only payments during the construction stage — and you’ll only make those payments based on the funds that have been drawn, not the entire amount of the Construction Loan.
Inspections. While your home is being built, we’ll request photographs from your builder as assurance work is progressing according to plan.
Excellent Construction Loan Rates. The 1st UCU Mortgage Services team works with you to ensure you lock in a great rate. And not just for your Construction Loan, but for your mortgage as well.
What are the typical requirements of a Construction Loan?
Financial stability. Borrowers will need a low debt-to-income ratio, sufficient income, and a positive credit history.
Down payment. We finance up to 90% of the appraised value we receive at the beginning of the process. The remaining 10% and any additional costs will be your responsibility.
Construction plan. A detailed plan and project schedule put together by the construction company you’re going to work with.
Appraisal. The finished home will serve as collateral for the loan, so we will arrange for an appraisal to estimate how much the finished home will be worth.
Homeowners Insurance. Even though you won’t be living in the home yet, a Homeowners policy that includes builder’s risk coverage protects you, and us, should something happen during the construction process.
The bottom line: a Construction Loan from 1st UCU Mortgage Services can turn your house goals into a home reality. And whether it’s a Construction Loan, a renovation loan, a home equity loan, a mortgage, or any other number of options, finding the right way to borrow money for your next home doesn’t have to be too hard. Simply turn to the real estate lending experts at 1st University Credit Union.
Other home mortgages we offer:
FHA, VA, and USDA
COME JOIN THE 1ST UNIVERSITY CU FAMILY
You can become a member of 1st University Credit Union by opening and depositing $5.00 or more into a share savings account. $5.00 is the minimum balance that you must maintain in your account while it is open. Once your share account is open, you are eligible for all other credit union services.
Membership is open to anyone. Typically, our current members include:
People who live, work, or worship in the Waco, Texas area
Baylor University Students, Employees, Alumni, and members of the Baylor Air Force ROTC
Aramark Employees
People who work or reside in Baylor-owned properties
Relatives of current 1st UCU members
Baylor Alumni by Choice - members of this association are friends of BU, but not traditional alumni
A 1st University Credit Union membership is for life, no matter if there is a change in employment, family relationship, or place of residence.
Ready to get started? Click on the button to open your account online, visit your local branch, give us a call, or request to talk to a representative who can help answer your questions!
VISIT US
Campus Branch
24 La Salle Ave Unit C
Waco, TX 76706
PHONE NUMBERS
Phone: (254) 752-2797
Fax: (254) 752-0552
Lost or Stolen Debit/ATM Card: (254) 752-2797
EMAIL ADDRESS
Please do not put any confidential information (account number, social security number, etc.) in your email.
OFFICE HOURS
Monday-Friday: 9:00 a.m. to 5:30 p.m.
CO-OP SHARED BRANCHING
Locate a shared branch or ATM at www.sbonthego.com
MAILING ADDRESS
One Bear Place, 97102
Waco, TX 76798