Rio Grande Credit Union
Rio Grande Credit Union
Let's build something together

Let's build something together.

Home > Home Loans > Construction > Residential Construction at Rio Grande Credit Union

Residential Home Construction

Make your dream home a reality with Rio Grande Credit Union

Planning to build or remodel your dream home? If so, a construction loan may be right for you. Construction loans are short-term loans used for new home construction. These loans offer a short-term, fixed-rate construction period which converts to a permanent fixed-rate mortgage upon completion of construction. From start to finish, we’ll work with you and the licensed builder of your choice.

Construction Loans

  • Payments are interest-only on funds advanced during the construction phase
  • Draws advanced to the member, as progress of construction is completed
  • Competitive, fixed rate loans
  • Land can be used as equity
  • Upon completion, our mortgage team is available to support you with your permanent mortgage!

Home Construction Loan Features

  • Up to 80% LTV financing or 90% of cost, whichever is less
  • 9 or 12-month terms available
  • Flexible, local draws or disbursements
  • Local servicing—make payments at the branch

Build the home of your dreams

Don't wait - get in touch with us today!

  Email us     Call us at 505-262-1401


What Do I Need?


  • Can only be used for single-family properties and the primary residence; Large remodel projects can also be done using this product
  • Home must be built using a third-party licensed General Contractor using the builder of your choice.
  • Construction must not have started prior to the closing the construction loan.
  • Home must be completed within 12 months of the construction note signing

Documents We'll Need

  • Final construction plans and specifications to obtain an appraisal
  • Purchase agreement for land (if purchasing land)
  • Permits
  • Certificate of Occupancy upon final inspection
  • Contract with the builder
  • Cost Breakdown
  • Builder resume and license