Construction Loan Process

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Our Construction Loan Process

Rest assured that our construction loan process is easy, simple, and personalized. 

Before Breaking Ground, the Member Will...

  • Receive 24-48 hour loan pre-qualification and pre-approval
  • Review flexible financing options with a BHCCU loan officer
  • Receive approval on loan application
  • Receive appraisal using building plans, specs and lot detail from us
  • Provide your land information to use as equity
  • Accept a Title Commitment & Construction Oversight 
  • Close construction loan with your BHCCU loan officer

While Building...

  • BHCCU will provide guidance through the construction loan draw process
  • BHCCU will deliver a monthly statement for interest due on the disbursed funds
  • BHCCU will review any change orders and or contractor credit memos…if applicable
  • The members, loan officer, title escrow officer and contractor will be in close contact
  • The Title Company/Member/Lender/Contractor will work together to release funds
  • The member and BHCCU loan officer will consult 30 days before project completion
  • The member and BHCCU loan officer will review rate adjustments 30-60 days before project completion

Before Move-in Day...

  • Complete the final inspection with the builder (checklist) before the final disbursement
  • Obtain a municipality occupancy permit
  • Consult with the member to convert the construction loan to end loan terms
  • Order appraisal recertification of value for the completed home

Through this whole process, we will be as upfront, transparent, and communicative as we can, to make sure you are always informed and aware of how things are progressing.