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Construction Loans

AOD Federal Credit Union now offers Construction to Permanent Home Loans.

Benefits:

  • One loan
  • You pay only one set of closing costs
  • One rate (for both loans)
  • Periodic disbursement of funds throughout the construction phase
  • Interest only payment after the first disbursement based only on the amount advanced thus far
  • Construction loan moves to perm automatically after 6 months
  • Can use for new construction of a home
  • Can use for home improvements or add-ons to an existing home (must be a substantial add-on); we will refinance the 1st mortgage plus the add-ons
  • Take existing home, refinance to a construction-perm loan, you pay interest only after first draw of funds; in the meantime, we have paid off 1st mortgage, while add-ons and construction is taking place; when finished, loan will convert to permanent financing.

Calculate your mortgage payment by clicking here.

For more information, please contact a credit union representative today!