Video Banking from POPIO VideoCONNECT
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 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 spent during the construction phase
  • Draws advanced to the member, as progress of construction is completed.
  • Competitive, adjustable rate loans.
  • Land can be used as equity!

Home Construction Loan Features

  • Up to 80% LTV financing
  • Various terms available
  • Flexible, local draws or disbursements
  • Local servicing—make payments at the branch

Build the home of your dreams

Don't wait! Apply for your home construction loan online today!

Make an appointment     Email us     Call us at 505-262-1401

 


What Do I Need?

Requirements

  • 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