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Construction Loan

Building tomorrow together

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Download the Construction Loan Guide

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

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.

Flexible Rate Lock

Enjoy the flexibility of locking in your interest rate any time during construction.

Flexible Down Payment

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


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?
Member First Mortgage Logo

Members 1st Credit Union has partnered with Members First Mortgages (MFM), a Credit Union-owned mortgage lender. Through our partnership, we can offer our members a variety of home loan options to fit their unique financial needs and goals such as:

  • Conventional fixed and adjustable rate programs up to 30 years
  • Government loan programs like FHA, Rural Development and VA (Veterans)
  • Construction financing
  • Jumbo loans and more!

You will work with a licensed and knowledgeable Mortgage Consultant at all stages of the process to help you navigate the mortgage process. Ready to get started? Contact us today at (530) 222-6060 x516.

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: 11/29/2021 11:31:05 AM

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.

Home insurance

You know you need it. But do you know how to get a deal?
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Apply now or speak with one of our loan officers at (800) 303-3838.
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