Construction to Permanent Mortgage Loans
A Construction to Permanent loan is designed for borrowers who choose to finance the construction of a new home in Brevard County.
Current Mortgage Rates
CCU's Construction to Permanent Mortgage Loans are available for primary residences and feature:
- No intangible tax
- Low credit union rates and closing costs
- Fast, local decisions
- Make interest-only payments during the construction phase*
- One time closing! Converts to a traditional “permanent” mortgage loan when construction is completed without an additional closing process.
- The loan is in your name (not the builder's). You own the land that the home is being built on during the construction phase.
- Available for Conventional and Jumbo loan amounts**
- No PMI requirement
For rate information, or to speak to a Mortgage Origination Specialist, use the numbers available below.
How to Apply:
Speak to a Mortgage Specialist 24 hours a day, 7 days a week: 321.690.2328 (outside Brevard, 1.800.690.2338).
- Choose option 3, then press 1
Convienently apply Online or by using the CCU Mobile Banking App
*These mortgage loan programs constitute first mortgage liens secured by the home and property. Loan rates are based on credit history, loan terms, and borrower qualifications. *The Interest-Only payment period requires you to make minimum interest payments during the construction phase. At the end of the interest-only construction period, your loan will convert to a fully amortized loan, and you will begin making payments towards both principal and interest, which will increase your monthly payment, possibly substantially, even if you have a fixed interest rate. **A Jumbo loan is defined as a loan amount of $766,550 or higher. Membership is available to Brevard, Orange, Osceola, Indian River, Volusia, & Polk County residents. A share savings account with a one-time fee of $5 is required.
