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Construction Loans

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Home Construction Loan Options, Building your dream home. 

A short-term home loan option, also called Gap Financing or Bridge Financing, that allows borrowers to obtain the cash flow for expenses incurred after project authorization, but prior to the Traditional Mortgage. The choice of lender plays a crucial role in the success of your project. At Education First, our team of lenders act as your financial partner, providing the necessary funds and expertise to bring your construction vision to life.

Home Construction

Home Construction Loan Financing

Let us help you get into your dream home with financing options from start to finish. 

  • No application fees!
  • Interim Construction financing up to 12 months. 
  • Permanent financing from 5 to 30 years. 
  • Competitive Construction Loan Rates
  • List of Approved Builders available upon request. 
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Mortgage Calculators

Use Education First Federal Credit Union's Mortgage Calculators to find out how much you need to budget for your new home. 

Crunch the Numbers

Interim Construction Loans - Builder 800 x 571

Home Builders

Partner with us, and build our member's dream homes!

  • Easy application process. 
  • Must have 2 years of certified experience.
  • Must be incorporated through LLC or CoOp and business license. 
  • Business member with Education First FCU. 
  • Download our Approved Builder Invitation Package for a full list of details and requirements. 
Get Started Today!

Construction Loan FAQs

A construction loan is a short-term financing option that allows borrowers to obtain the cash flow incurred after project authorization, but prior to the mortgage. The traditional mortgage is the long-term, permanent loan option. The application process is similar to a mortgage. You can apply for a construction loan by clicking here.

All rates and terms are subject to change without notice. Loan rates are subject to credit approval and based on individual creditworthiness, amount financed, and loan term. Your Annual Percentage Rate (APR) will be determined by factors, such as credit score, debt-to-income ratio (DTI), and other qualifications. View our construction loan rates here.

You can receive interim construction financing for up to 12 months and permanent financing for 5 - 30 years.

Construction loans are commonly used when a home-builder or individual wants to buy a lot or land and start building a home immediately. If you want to purchase the lot or land ahead of time and plan on building at a later date, a land loan would be the best option.

Construction loan financing, also known as Gap Financing or Bridge Financing, is used to fund the expenses of building a new construction home. If you are looking to do repairs or renovations to an existing home, a home improvement or home equity loan would be the best option. 

Construction Loans require a minimum 10% down payment.

A borrower will need a minimum of 680 credit score, two years of work history, 6 months of cash reserves for interim financing, and two years of tax returns. 

Handy Tools at Your Disposal.

Calculate your budget, see and compare the latest rates and discover what perks you gain for being a member of Education First Federal Credit Union.



Calculate the best loan amount that fits your budget.

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Check current rates and find out which ones adhere to your loan type.

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Mortgage Advisors

Our team of seasoned mortgage experts are here to help you through your new journey

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