BECU has the experience and great resources to help you build a home. Work with an experienced BECU mortgage advisor, who can help guide you through the homebuilding process. We'll also help you determine the best financing options for your circumstances.
With BECU, you can expect competitive loan-to-value ratios, competitive construction loan terms1,2 and the resources you need to make the custom construction process easier.
Features and Benefits
- Receive financing for a one-time close construction loan with one set of fees. Plus, you can lock in your rate.
- We can help you finance your land and build your home.
- Adjustable-Rate Mortgages (ARM) and Fixed-Rate loans are available. Receive financing for loan amounts up to $3 million with up to 75% loan-to-value. Up to 80% loan-to-value also available for loan amounts of $2.5 million and below.
- Interest-only payments are required during the construction period.
- 12 or 18-month build periods are available.
- Free float down to a lower market rate if it's available at the end of the construction period.
- Construction Loan Advisors: Work with a dedicated mortgage advisor who specializes in construction lending.
Construction Loan Rates
The Construction Loan Process
Receive financing from BECU to build your custom home. Whether you have already purchased property or you're just starting, BECU can help you get on the right path. For more information, download our Construction Loan Process Overview (PDF).
Meet Our Construction Loan Partner
BECU has partnered with Land Gorilla to bring a streamlined construction experience to BECU members and their builders.
Frequently Asked Questions
A draw request is a documented request for funds from a construction loan that is paid to a contractor for work completed on the project.
BECU has partnered with Land Gorilla to bring a streamlined construction draw experience to you. Land Gorilla is a construction finance platform that gives BECU members real-time access to manage draws through the OneSite portal. With OneSite, builders and borrowers have a centralized location to manage all draw activity including inspections, past draws and new draws. It also integrates inspector and title updates for a more efficient process.
No. BECU requires a licensed builder who goes through a review process. BECU wants to ensure our builder partners have met the requirements.
Yes, the equity in your land is used in the valuation process of your custom home.
Yes. With BECU's construction-to-permanent loan, you will have one loan from start to finish and one set of closing costs and qualifications. Once the final draw has been requested, BECU will work with you to finalize loan details as we convert your payment arrangement from a construction loan to permanent financing.
To proceed with your construction loan application, please ensure all required documentation listed below is provided by both the member and the builder. Missing documentation may impact the closing timeline for your construction loan.
Builder Documents
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Contractor/Builder Questionnaire
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Supporting documents listed on questionnaire provided by contractor/builder
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Contractor License
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General Liability Insurance
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IRS Form W-9 (current IRS version)
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Worker's compensation insurance (if applicable)
Project Documents
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Completed and signed construction contract
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Construction budget
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Complete set of plans
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Site or plot Plan Description of materials or build specifications
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Copy of building permits
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Homeowners Association acknowledgement Letter from the HOA (if applicable)
Please contact one of our knowledgeable construction loan advisors for a construction loan checklist of required documentation.
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Related Resources
1Mortgage loans are subject to membership, credit approval, and other underwriting criteria; not every applicant will qualify. Certain restrictions apply. Home loan programs, terms, and conditions are subject to change without notice.
2Construction loans are available in available in Washington, Idaho and Oregon only until further notice. Mortgage loans are subject to membership, credit approval, and other underwriting criteria; not every applicant will qualify. Certain restrictions apply. Home loan programs, terms, and conditions are subject to change without notice.