Construction Loans

Our one-time close construction loan* offers quick and affordable financing to make your homeownership dream a reality!

With a one-time close construction loan, you can simplify and streamline the construction financing process with just one approval, one closing and one set of closing costs. Lock in today's rate for tomorrow's home.

  • Lock in your rate now (lock in your permanent rate at closing)
  • Save money & time with a one time close 
  • Loan to Value up to 80%

  • Interest only payments during construction  
  • Terms up to 30 years**

  • Jumbo Loan Financing Available

  • We finance barndominiums  

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Send us a message

Have a question, an inquiry or in need of assistance? Reach out in minutes with our online form.
  • Save time during your busy day
  • Simple and easy to use submittable form
  • Our team will follow up and contact you with a solution tailored to your unique needs

What to know

  • Flexible, local draws
  • A fully executed contract with builder’s draw schedule is required
  • A traditional construction loan is a line of credit used to build the home, then refinance into a permanent mortgage once the home is complete 
  • Loan amount - 80% of the appraised value for One Time Close and 90% of the appraised value for traditional construction line of credit 
  • Local servicing, with payments made to CRCU
  • Builder must meet CRCU's minimum requirements and provide risk insurance
  • Wind/hail insurance required for Galveston, Brazoria, and Chambers Counties
  • The construction interest loans are generated on the 20th of each month and are due by the end of the month 
  • Construction loans cannot be set up as ACH (Automatic Clearing House) payment, as the interest may change on a monthly basis as new draws are taken into account
*All loans subject to credit approval. An escrow account for taxes and insurance may be required. Other eligibility includes a credit score of 650 or greater, no bankruptcy in the previous 36 months, and loan-to-value ratio not to exceed 80% for one time close. Second homes and Investment properties are not eligible for this product. Verifiable employment required and time on job required of 2 year plus. Certain other credit and income qualifications may apply. **Based on a 30-year term, with a loan amount of $300,000, the $875.00 payment represents the 50% built mark. Year 2 – 30, based on a permanent fixed rate of 7.125%, will have a monthly payment of $2,014.40, and an APR of 7.313%. Rates accurate as of 01/06/2023 and subject to change. CRCU reserves the right to cancel or change these programs at any time. Please contact representative for more details. CRCU membership required.

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Start your application online!

It’s easy to apply for your CRCU construction loan with our online application. If you have questions or would like to schedule an appointment please email or call 832.926.7222.

Apply Now

Our loans typically close in 25 to 45 days.

Financing available for properties in Texas. CRCU membership eligibility required. Loan subject to credit approval. Minimum loan amount may apply. Rate based on the purpose of loan, loan to value, and credit score, so your rate may differ. Rates subject to change. NMLS#446680

Frequently Asked Questions

How long is the construction loan term?

Homes typically are completed in 12 months.

What is the maximum you can finance on a construction loan?

Loan amount cannot exceed 75% of the subject to completion appraised value.

Can we roll our closing cost into the loan?

Yes, provided the loan amount does not exceed 90%.

How are the funds disbursed to our contractor?

Monies are disbursed in draws to the contractor with borrower approval and after verification that the work is complete.

Does anyone inspect the work?

An inspector will go on site to verify the work is complete.