Construction and Investment Loans
If you are planning to build or renovate a home, Central One has an option to meet your construction and renovation needs.
- Monthly interest-only payments during the construction period
- Up to 6 months construction period to allow ample time for your project
- Loan terms of up to 30 years
- Construction loans automatically convert to an ARM (Adjustable Rate Mortgage) at the end of the construction period
- Only one loan closing, saving you closing costs and headaches
- Financing available for one or two-family owner-occupied homes, second homes or vacation homes
- Competitive rate
- Term of up to 15 years on a fixed rate
- Term of up to 20 year on an adjustable rate
- Down payment of 25% is required
Land has to qualify as a buildable lot which means it should meet town zoning requirements and if private sewage is necessary, it should have an approved septic design.
Interested in purchasing an investment property?
Central One has options for you based on down payment, terms and your investment needs.
If you are looking for a Commercial Investment Property check out our Commercial Lending.
* Requirements for benefits that include jumbo fixed rates and mortgage rate reduction: Must have a Central Advantage account . In addition to maintaining all other membership and Central Advantage account requirements , mortgage must be on primary residence purchase only. All loan programs, rates, terms and conditions are subject to change. Loan approval and actual rate will be determined based on credit history, term, loan to value, and other factors. Please contact a lending specialist at 800-527-1017 for additional information.
*** $500 savings for using one of the local realtors may not be combined with our no-closing-cost program or other Central One Federal Credit Union programs.