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Construction Mortgages

Build a home as unique as you

Construction rates as low as 7.000% APR*

Apply Now

Construction Mortgages

Build a home as unique as you

Construction rates as low as 7.000% APR*

Apply Now
Members 1st is freeing people from the limitations of home buying by providing affordable and flexible financing to build their dream home. Construction loans finance the entire build of a new home and transition to a traditional 30-year fixed-rate mortgage at the end of construction.

Watch our video

Download the Construction Loan Guide

Get our construction loan overview including builder questionnaire, loan guide, and origination overview.

Loan Features

Enjoy the advantages of a Members 1st construction loan.

Single Closing Costs

One set of closing costs where interest rates are locked before construction.

Interest Only Payment

Make interest only payments on the loan balance drawn during construction.

Rate Advantage

Your rate is locked for 60 days after applying and drops if mortgage rates drop during that 60-day span.


Landowners can apply the value of their land toward their down payment to minimize upfront costs.

Rebuild Assistance

Homes being rebuilt on lots impacted by a wildfire will not be charged a lender origination fee.

What is Rate Advantage?

Rate Advantage provides mortgage loan applicants with added assurance and protection that they'll receive the lowest rate possible on their mortgage loan. After you have applied for your mortgage loan, Members 1st will lock in your rate 60 days, and lower your rate if rates drop during that 60-day span.

What is Rebuild Assistance?

Members 1st Credit Union is waiving the lender origination fee for construction loan applicants looking to build new or rebuild on a property that has been impacted by a wildfire. Whether you are the original property owner or new owner of a property impacted by a wildfire, you'll pay no lender origination fee on your construction loan, making it easier to rebuild the homes our community has lost from wildfires.


Our construction financing program features a 12-month term to build the home, with 5 draws throughout the process. Upon maturity, the balance of the construction loan will need to be refinanced into a 15, 20, or 30 year fixed-rate mortgage.

What is the advantage of a Member 1st Construction Loan?
What does a construction loan cover?
How does a construction loan work for a new home?
Prepare for the builder review
Can I purchase a manufactured home?
Do I pay interest as soon as I take the loan out?
Is it flexible if I have to take more money out for unexpected expenses?

Rates & Resources


Rates and APR* as low as

30 Year Fixed - After Construction

Permanent Financing





30 Year Fixed - During Constuction

Interest Only Payments





Personalized Quote

*Last Refresh: 7/15/2024 10:16:00 AM

All rates displayed have zero points.

Rate floor is 3%.

Important Rate Information: This is not a quote. These rates are published weekdays near 10:00am EST. Interest rates fluctuate throughout the day and may be different at the time you apply and will likely differ based on your specific scenario. The information provided here is general and assumes only the following scenario: Purpose of the loan: Purchase a property. Property location: Redding, CA 96049 Property Type: Existing single family home Property Use: Primary Residence Estimated property value: $200,000 Estimated down-payment: $40,000 Loan amount: $160,000 (80% Loan to Value) Credit Score: 760 Escrow (impound) account is required. Rate lock period is 60 days. Fees: $3,000 to estimate closing costs in order to approximate an APR. For a quote with specifics to your scenario please click on rates which contain a link to a quoting or application tool.

M1CU is an Equal Housing/Equal Opportunity Lender

We do business in accordance with the Fair Housing Act

(The Civil Rights Act of 1968, as amended by the Fair Housing Amendments Act of 1988)

The Fair Housing Act protects people from discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance, or engaging in other housing-related activities.

Who is protected?

It is Illegal to Discriminate Against Any Person Because of Race, Color, Religion, Sex, Handicap, Familial Status, or National Origin

  • In the sale or rental of housing or residential lots
  • In advertising the sale or rental of housing
  • In the financing of housing
  • In the provision of real estate brokerage services
  • In the appraisal of housing
  • Blockbusting is also illegal

How to Report Housing Discrimination

Anyone who feels he or she has been discriminated against may file a complaint of housing discrimination:
1-800-669-9777 (Toll Free)
1-800-927-9275 (TTY)

U.S. Department of Housing and Urban Development
Assistant Secretary for Fair Housing and Equal Opportunity
Washington, D.C. 20410

1. All lending products are subject to credit and property approval. Terms, conditions, and interest rates are subject to change without notice. Certain restrictions may apply and may vary based on borrower qualification and collateral conditions. This is not a commitment to lend. Down payments less than 20% of the loan amount may be subject to private mortgage insurance (PMI).

Apply now or speak with one of our loan officers at (800) 303-3838.

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