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Building a New Home? Be Prepared!

Building your dream home is exciting! However, there are many unknowns, some of which are beyond your control. How long will construction take? Will the builder complete everything according to the plan? What will the final cost be? Securing financing for your construction project is a critical step in the process — and it's something you can control.


New Construction Loans

Getting financing for new home construction is slightly different than getting a mortgage for an existing home. Here's what you need to know:

  • A construction loan is typically set up as a variable-rate loan during the construction period
  • Interest-only payments are made during the construction period, which can range from six months to a year
  • A draw schedule for the loan is agreed on by the borrower, the contractor, and the lender. This ensures funds will be available when needed during each phase of construction
  • If the borrower owns the land, the lot may be considered equity for the construction loan
  • A certificate of occupancy is issued when the home has been inspected and meets certain building codes
  • At this stage the home is considered livable, which means financing can be obtained with a mortgage loan

Construction-to-Permanent Financing

When the principal balance comes due at the end of the construction phase, a new mortgage pays off the existing construction loan. If you have construction-to-permanent financing in place, the construction loan converts to permanent financing after the construction period. You enjoy the convenience of one loan, one application and one closing date. In addition, you have the flexibility to choose a mortgage program that fits your long-term needs. Doing so makes it possible to lock in a low, fixed rate for your permanent financing.

Visit the Mortgage Products page for a full list of Home Loans offered by SCCU.

  • SCCU Routing Number: 263177903

Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

Space Coast Credit Union (SCCU) © 2015



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Member Rewards

Member Rewards is an exclusive Space Coast Credit Union program that provides benefits such as free or discounted services based on your level of participation in the credit union.

  • Gold members may order one FREE box of SCCU logo checks per year.
  • Platinum members may order unlimited FREE boxes of SCCU Exclusive Style checks (one box at a time).
Learn more about the Member Rewards program.