Construction / Permanent Mortgage Loans

A Construction-Permanent loan is designed for borrowers who choose to finance the construction of a new home in Brevard County.

The loan consists of two phases:
Construction and Permanent. During the Construction Phase, the borrower is charged interest only.  When you apply, you can choose to lock in your rate, which means that your interest payments will be calculated based on the permanent rate for your mortgage loan.  Or, you may accept a floating rate, which means your payment can vary during this phase.  A CCU Mortgage Specialist can help you choose the option that's right for you.  When construction is complete, the loan is made into a Permanent Loan.

Check out our low rates!

CCU's Construction-Permanent Mortgage Loans are available for primary residences and feature:

  • No intangible tax
  • Low credit union rates and closing costs
  • Fast, local decisions
  • Make interest-only payments during the construction phase*
  • One time closing!  Converts to a traditional “permanent” mortgage loan when construction is completed without an additional closing process.
  • The loan is in your name (not the builder's).  You own the land that the home is being built on during the construction phase.
  • Available for Conventional and Jumbo loan amounts**
  • Financing up to 80%
  • No PMI requirement
  • Terms of 15, 20 and 30 years

How to Apply:

Speak to a Mortgage Specialist 24 hours a day, 7 days a week:  321.690.2328 (outside Brevard, 800.690.2338).

Apply Online:  Click the image below.

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These mortgage loan programs constitute first mortgage liens secured by the home and property. The down payment is determined by the Loan to Value ratio. (80% LTV = 20% down payment). Our usual credit criteria apply.  Loan rates are based on credit history, loan terms, and borrower qualifications.  Contact CCU to determine your rate. * The Interest-Only payment period requires you to make minimum interest payments during the construction phase.  At the end of the interest-only construction period, your loan will convert to a fully amortized loan, and you will begin making payments towards both principal and interest, which will increase your monthly payment, possibly substantially, even if you have a fixed interest rate. Always consider making more than the minimum payment during the interest-only period to begin reducing principal.  ** A Jumbo loan is defined as a loan amount of $424,100 or greater.

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