Home Construction Loans

Whether you’re a builder-owner or contractor, we offer simple one-time and two-step closings, low rates, and flexible terms.

Apply Now

Home Construction Loans

Whether you’re a builder-owner or contractor, we offer simple one-time and two-step closings, low rates, and flexible terms.

Construction Loans Made Easy—And Then, Even Easier

Our goal is to give you as much control over your loan as feasible. To that end, an easy-does-it Construction Home Loan from Mountain America is designed with you in mind. Our one-time or two-step loans offer you the flexibility to get exactly what you want and our services and service providers afford you the convenience to build your home hassle-free.

How We Make a Building a Home More Convenient:

Buying a home can be stressful. Building one, even more so. That’s why our goal is to make the process as streamlined and simple as possible. Here’s how we make it easier for you: We call it construction financing at its finest. You’ll call it a smooth, worry-free loan.

Don’t wait. Apply for your construction loan today and start building your dream home sooner than you imagined. Apply online by clicking the button below, visit your nearest Mountain America branch, or call 1-800-277-7703.

Apply Now

Building Your Dream Home with a One-Time or Two-Step Loan 

Your MACU mortgage specialist will break down the two types of construction loans that are available: one-time and two-step.  Based on your specific needs, your MACU mortgage specialist will help you understand the terms of each and will help you make the best financing decision.  

One-Time Construction Loan

The same lender is used for both construction and mortgage meaning that paperwork only needs to be filled out once and that there is only one set of closing costs. With a one-time construction loan, after the home is complete, the loan becomes a mortgage. One-time loans are ideal for buyers who:
  • Know the amount of time the project will take to be complete (most likely, these buyers will be using an experienced contractor and are basing their home’s construction off of a template)
  • Have firm building plans that they do not intend to change

Two-Step Construction Loan

The mortgage and construction loan are divided with a two-step loan, so the mortgage on the house is not closed on until it is built, which provides for the possibility of closing on a lower interest rate. The buyer does have to re-qualify for the mortgage once building is complete. Additionally, with a two-step loan, though only interest is due during building, the entire principle is due at the end of the loan term. Two step loans are ideal for buyers who:
  • Are custom-building a home
  • Do not have a locked-in time frame for project completion or who may want to make modifications as the work proceeds
  • Are functioning as an owner-builder
  • Want the flexibility of being able to extend the loan if need be
Once you know the type of loan that is best for you, your mortgage specialist can help you determine other factors like the length of the construction terms as well as the length of the mortgage period.

Owner-builder Construction Loan

Building a new home is very exciting–it allows you to tailor your future dwelling to suit your specific needs. An owner-builder is a property owner who also serves as the general contractor on the construction of the home. An owner-builder has much more involvement in the construction of the home, overseeing the project to completion. An owner-builder must demonstrate that they are capable and qualified to serve as the project manager. This saves greatly on the cost of building the home; so if you qualify, the owner-builder option may be right for you.

Considerations for an Owner-Builder Loan

When considering building a new home, there are several things to consider. The owner-builder construction option brings additional decisions to be made and managed. Here are some things to consider that will help you make decisions once you are ready to finance:
  • Are you building a custom home, or are you using a builder’s template?
  • Are your construction plans firm or are they subject to change (for example, is there a chance you might decide to make cosmetic upgrades once the work is underway)?
  • Who will be completing and overseeing the project: you as the owner-builder or a hired contractor?

Meet With a Mortgage Specialist to Get Started

Constructing a new home is both challenging and enthralling. To determine if building your own home is the right option for you, or to get the process started, schedule a meeting with one of our mortgage specialists today. Fill out a contact form online below, visit your nearest Mountain America branch, or call 1-800-277-7703.

Apply Now


Construction loan draws are partial disbursements of the loan to pay material suppliers and the contractor(s) during construction. This ensures funds are being used properly and construction is on track. There are a number of ways you or your contractor can receive draws from Mountain America. You may:
  • Pick them up at a branch location near you (requires two days)
  • Mail checks directly to vendors
  • Mail checks directly to contractors
  • Pick them up at our corporate headquarters
Regulations require Mountain America to have your signature on each draw request before disbursement of any funds will be made. We advise you to have your contractor sign this form also, but it is not mandatory.

Mountain America Credit Union knows how important it is for you to not only end up in a house you helped design and that you will love, but they also know how important a hassle-free financing experience is; that is why your MACU mortgage specialist will work closely with you to ensure you are educated throughout the financing process and that you make the most appropriate choices to build your dream home. Contact a MACU mortgage specialist and turn your plans into reality.

Loan Closing Made Easy

QC.jpgBuying a home just got easier thanks to Mountain America’s Quick Close electronic mortgage process.

In addition to managing your closing documents from home, you can enjoy that convenience throughout the entire loan process.
  • Apply Online—No need to call or come into the branch to start your mortgage. One click can put you on the path to homeownership.
  • Upload Documents—Now you can save a trip to the branch by uploading all of your key mortgage application documents, including paystubs and tax information, from your computer.
  • Green and Secure—At the end of a traditional loan process, you typically leave with a huge stack of paperwork. With Quick Close, only a handful of documents are printed. The rest are securely stored on a flash drive that you can take with you.
  • One Signature—Review the documents from home and then provide a digital signature at the title office. It’s applied to the mortgage, and you’re on your way in no time.
Take advantage of a mortgage process that is quick, convenient, simple and secure. 

Meet with a Mortgage Specialist
There are two types of construction loans, one-time and two-step. Each has its pros and cons, so make sure to weigh your options and choose the one that is right for you.


With this option, borrowers pay interest only during the construction phase, and then Mountain America Credit Union automatically converts the loan to a mortgage after the home is built. There is only one set of closing costs and the one-time construction loan has the added benefit of a rate guarantee, a feature that eliminates the guess work for the final rate and loan payment (conditions apply). This gives consumers the ability to save money on fees and can keep the rate low in the event the market changes before construction is finished.


This option requires separate loans for construction and mortgage. Only interest is paid during the building stage, and the entire principal is due at the end of the term. After construction, the borrower must re-qualify for the mortgage and pay another set of closing costs. The flexibility is appealing to some consumers because they are able to take advantage of current market rates for their long-term loan, which may be lower than the rates offered on a One-Time construction modification.

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