The first step is to apply for the one-time close construction loan to ensure qualification. Once you have been pre-approved, you will want to determine your builder. The builder will need to complete EECU’s builder approval process.
Once the builder is approved, we will request a copy of the contract, plans and specs. An appraisal will be ordered.
Upon approval of the loan, EECU will contact you to schedule the signing of the one-time construction loan papers.
The builder cannot start construction of your home until after your loan has closed. The mortgage must be recorded, and a notice of commencement filed before any work can start. The start of construction prior to our notification may result in the cancellation of the loan commitment.
You will receive the contact list of how to request your first draw after closing, interim draws, and the final construction draw upon closing.
All Property Owners, and the Contractor /Authorized Signer must be present at loan closing to sign applicable documents.
10% retainage 30 days after completion of improvements optional and recommended on construction loans.
All funded draws must match contract price, and the final draw must be at completion.