safe federal credit union new construction loans

Subject to change or be discontinued at any time.Construction Loans are a type of loan that allows you to finance the development and construction of a building or home. Credit will not exceed amount paid and cannot be transferred or exchanged for cash equivalent. Rebate will be applied as a credit at closing towards the total amount paid for the appraisal associated. Applicant(s) will be required to pay estimated cost of the appraisal up front. A purchase loan is the financing connected to the purchase of a property involving the transfer of title from seller(s) to buyer(s). Appraisal rebate of up to $695 will be applied for purchase loans only. Payment examples can be obtained by clicking the calculate payments button above and do not include taxes or insurance premiums. VA jumbo assumes a loan amount of $726,200 with no down payment. Conventional jumbo loans assume a loan amount of $726,200 and a 40% down payment. VA rates assume a loan amount of $250,000 and no down payment.

***The displayed rates for conventional loans assume a loan amount of $250,000 for a single-family, owner-occupied purchase transaction with a down payment of 40% and a credit score of 740 or higher. Property must be a buildable lot as verified by a soil test and road frontage **Service Credit Union will finance up to 80% of land loan. Promotion runs from -06/30/23 and is subject to change or be discontinued without notice. Promotional fixed rate terms are limited to one time use. Must be an existing member or eligible for membership. Subject to credit worthiness and dwelling requirements. Other exclusions may apply, please ask your loan originator for details.

The fee will be waived if refinanced with Service Federal Credit Union if the borrower paid closing costs for the home equity line of credit. An early termination fee of $400 applies if paid off and closed within 36 months of opened. Existing Service Credit Union HELOC’s are not eligible for this promotion. Certain costs associated with the transaction will be the members responsibility regardless of property listing status, including but not limited to per diem interest, taxes of any kind, and insurance premiums. Properties currently on the market will be subject to credit report, title, recording, settlement, and appraisal fees (approximately $900). Closing costs will apply to home equity lines of credit secured by properties that are listed for sale. During draw period minimum payment required is interest only. Payment example does not include taxes and insurance actual payment obligation will be greater. After the promotional period a balance of $25,000 and variable APR of 8.25% will result in 108 interest only payments of $171.88, followed by 179 payments of $242.54 and one (1) final payment of $240.80 during the repayment period. During the 10-year draw period a Home Equity Line of Credit with a balance of $25,000 and APR of 3.99% for the first 12 billing cycles will result in 12 interest only payments of $83.13. APR may increase after the loan is closed maximum APR is 17.125%. After the promotional period, the rate will vary based on the Wall Street Journal Prime “Prime” rate published on the last business day of the month, 8.25% APR as of 5/4/23. HELOC promotional rate of 3.99% APR is fixed for the first 12 months. *Rates shown are Annual Percentage Rate (APR).

Safe federal credit union new construction loans