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