Interim Construction Loans: Build Your Dream Home with FWCCU

Building a custom home is exciting—but managing costs during construction can be challenging. Interim Construction Loans provide the financial flexibility homeowners need during construction, covering labor, materials, and more.

What Is an Interim Construction Loan?

An Interim Construction Loan is short-term financing designed specifically to help homeowners manage the costs during the building phase. Unlike traditional mortgages, which fund an already-built home, these loans help cover construction expenses like materials, labor, permits, and more. Once the project is finished, the loan typically transitions into a permanent mortgage.

Why Choose an FWCCU Interim Construction Loan?

Interest-Only Payments

During the construction phase, borrowers make interest-only payments. This keeps monthly costs significantly lower, easing the financial pressure while your home is being built.

Regular Inspections for Quality Assurance

FWCCU conducts regular inspections throughout your project, ensuring construction stays on track, meets quality standards, and loan funds are properly managed.

One-Time Close Option

Choosing a One-Time Close loan means fewer headaches. Instead of separate loans for construction and permanent financing, you'll only have one loan, one application, and a single set of closing costs.

Comprehensive Support

From scheduling draws to appraisals and inspections, FWCCU provides hands-on assistance every step of the way, helping you smoothly navigate the construction process.

The Interim Loan Process Explained

Application and Qualification

The application process starts with standard financial documentation, including proof of income, credit checks, and project plans. Loans start at a minimum of $50,000, and approval is based on typical underwriting criteria, including creditworthiness and project specifics.

Draw Schedules

An Interim Construction Loan uses a draw schedule—a structured timeline that releases funds incrementally as construction milestones are met. This protects your investment and ensures that money is released as work progresses.

Contingency Reserves

FWCCU includes contingency reserves, which protect you financially in case of unexpected expenses or delays, providing peace of mind that your project stays on budget.

Ready to Get Started?

Your dream home project is within reach—and the timing couldn't be better.

Apply now online for more details.