Build A Home
Your dream is to build a customized home that is truly yours in every way. Our mission is to make that possible with the right mortgage.
It's time to turn your dream home into a reality.
Take the next step.
You know exactly what you want in a home, down to the small details that aren't all that small to you. Your new home will be a reflection of your personality and particular tastes, a sanctuary for you and your family. We want to help you reach this milestone. Through UVA Community Credit Union, you can finance the construction of a new home on a lot you already own, or we can put together a loan program so you can finance the lot and the construction together. Once your home is built, this mortgage transitions into a permanent home loan that we will service locally.
- One loan qualification and one set of closing costs
- Make a down payment as low as 10%
- Take up to 12 months for home construction, with interest-only payments during this phase
- Choose a fixed-rate or adjustable-rate mortgage (ARM) for your permanent financing
- Lock in your rate prior to closing for the life of the loan
Build a better life in your new home.
- Finance construction on a parcel you own
- Get a loan for a land lot and construction together
- Loan transitions to a permanent fixed-rate or adjustable-rate mortgage
Frequently Asked Questions
Construction-to-Permanent financing is specifically designed for single-family homes. The construction style and method must align with the typical standards of the area. If you have plans for a non-standard project, it’s recommended to consult with your mortgage officer for guidance on eligibility for our financing.
The Construction-to-Permanent loan is exclusively applicable to properties intended for owner-occupied primary residences or second homes. If you are interested in financing nonowner-occupied properties or construction real estate, our Business Lending Department can assist.
Unfortunately, no. A Class A Contractor with no interest in the home is required.
Preferably, no. Initiating the project before loan closing is not permitted. Starting the project prematurely could impact our ability to secure appropriate title insurance coverage and may hinder the loan closing process.
No, you do not. The lot may be purchased simultaneously with the closing of the Construction-to-Permanent loan.
Unfortunately, no. We take into account the equity you have in the project and credit it toward your down payment. You may get cash back for soft costs, such as blueprints, building permit, plans and specs.
Yes, it’s possible. Even if you make payments to your builder, if your builder fails to pay the subcontractors or materials suppliers, they have the right to file a construction lien against your property.
During the construction phase, you will make monthly interest payments determined by the amount advanced. The construction phase concludes either when the project is completed or 12 months after the closing, whichever occurs first.
For qualification purposes, we rely on the appraiser’s estimate of your property taxes upon completion. Any additional questions about the estimated taxes on your completed home can be addressed by contacting your local tax assessor.
UVA Community Credit Union is a full-service financial institution with locations throughout Virginia's Central Piedmont and Valley area.
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