Build a New Home
BUILD YOUR DREAM HOME
with a CONSTRUCTION LOAN
When it comes to building your own home, nothing compares to the freedom of creating a space that fits your vision, lifestyle, and future. At ALLIANCE Credit Union, we offer construction loans designed specifically for individual homebuyers who want to take the custom route. Unlike traditional mortgages, a construction loan helps finance the actual building of your home. Whether you are starting from scratch on a new lot or rebuilding on existing land, our construction loans give you the funding and flexibility to bring your plans to life.
HOW OUR CONSTRUCTION LOANS WORK
Construction loans are short-term, interest-only loans that cover the cost of building a residential property. Once the home is completed, the loan can be refinanced into a long-term mortgage.
Key features include:
- Finance up to 90% of your custom construction loan.
- Already own your land? Use it toward your down payment.
- Only 5% of the construction budget required in liquid assets (e.g. Checking, Savings, CD, Money Market, and 401K)
A CUSTOM HOME STARTS WITH
THE RIGHT FINANCING
Our construction loans are available to qualified individual buyers who are building a primary residence or a secondary home. You can work with the licensed builder of your choice, provided they are vetted and approved through our process. Our team will coordinate directly with them to ensure funding is released as needed throughout the building process.
JoBeth Vance
As a real estate business development representative for ALLIANCE Credit Union, I build strong relationships with local Realtors and Builders to ensure our members have access to trusted partners and competitive loan options. By staying active in the Lubbock market, I help create smooth, well communicated homebuying experiences and position ALLIANCE as a dependable local lending resource you can count on.
Maci DeKraker
With seven years in banking and four in the mortgage industry, I specialize in construction and specialty loan products and am committed to helping you secure the right construction loan while building a strong, lasting relationship along the way.
Why Choose
ALLIANCE Credit Union
When it comes to building your own home, nothing compares to the freedom of creating a space that fits your vision, lifestyle, and future. At ALLIANCE Credit Union, we offer construction loans designed specifically for individual homebuyers who want to take the custom route. Unlike traditional mortgages, a construction loan helps finance the actual building of your home. Whether you are starting from scratch on a new lot or rebuilding on existing land, our construction loans give you the funding and flexibility to bring your plans to life.
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