Want To Build Your Home?
You Dream It, We Can Help Build It.
Let Saco Valley Credit Union help you finance the home of your dreams with a construction or land loan.
- Low rates
- Flexible terms
- Personalized service
- Quick application process - Apply online! You will be prompted to create an account so that you can come back to the application anytime. This is not your online/mobile banking username & password.
- Loans subject to credit approval
- Questions? Call 207-282-6169 or text our mortgage lending team at 207-602-4313!
Frequently Asked Questions
What will my payment be for a construction loan?
During construction, for up to 1 year, your payment will be interest only. After one year, or the construction is complete, you payment will be calculated with principal and interest.
What is the rate for a construction loan?
Construction loans are the same rate as our mortgages. Rates change daily, so please call us at 207-282-6169 for the most up-to-date information.
If I just want land, can you finance that?
Yes! Land loans can be done for terms up to 10 years on up to 80% of the appraised value.
How does a construction loan work?
If you already have the land, we will need the plans and estimates to get going. Your builder will likely give us a disbursement schedule, that with your builder, we will work with you to ensure disbursements are made appropriately. We complete inspections upon each disbursement to ensure work is being completed as intended.
