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Construction Loans: Benefits


Space Coast Credit Union can help turn your dream home into reality with a construction loan. This loan gives members the ability to access mortgage funds throughout the construction process, making payments to the builder along the way.

SCCU construction mortgages are actually construction-to-permanent loans, meaning our members go through the application and closing process one time only – one set of documentation, one set of closing costs. When you receive your certificate of occupancy at the end of construction, the loan is modified into a traditional mortgage. You can choose the loan term that best fits your needs, from a variety of traditional fixed-rate options, or an adjustable rate.
 

Low construction payments – During construction, monthly payments cover only the interest on the amount of money that has been withdrawn for the build.
One closing – One construction-to-perm loan means only one application, one closing, and one set of closing costs will cover the entire construction process and permanent mortgage.
Variety of terms – Choose from 10, 15, 20 or 30 years for your permanent mortgage, or a 5/1 ARM or 5/1 Jumbo ARM.
Up to 80% financing.1
Minimum loan amount, $100,000.
Competitive credit union rates – Call for today’s rates.
 

Call Express Sales or apply online today.

Brevard: 321-752-2222 option 3
Broward: 954-704-5000 option 3
Miami-Dade: 305-882-5000 option 3
All Other Areas: 800-447-7228 option 3


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All SCCU Mortgage Loans Feature





Important disclosures, payments, assumptions, and APR information
 
Mortgages: APR = Annual Percentage Rate. Mortgage loans are originated by Space Coast Credit Union, and are subject to credit approval, verification and collateral evaluation. Programs, offers, rates, terms, and conditions are subject to change or cancellation without notice. Certain restrictions apply. These mortgage loan programs constitute first mortgage liens secured by the home and property. The down payment is determined by the Loan to Value ratio. (90% LTV = 10% down payment) Loans exceeding 80% of the appraised value of the home require private mortgage insurance. Member responsible for any funds needed for closing costs and pre-paid escrow. Loan to value limits and private mortgage insurance requirements do not apply to HARP loans.
 
1Mortgage Down Payment: Conditions apply. Program applies to primary residence, single family detached homes meeting program conditions. Minimum 20% down payment, which could include equity earned in the lot or property. Contact SCCU for complete details.
 
2Mortgage Interest Rate Guarantee: If the comparable SCCU interest rate is lower than your original interest rate five (5) business days before the closing and the interest rate lock-in has not expired, SCCU will reduce the interest rate on your loan 5 business days prior to closing. This is limited to a reduction of .25 percent. A one-time fee of $75 will be assessed at time of closing if this Price Guarantee is exercised and your rate is reduced. Other conditions may apply, contact SCCU for complete details.
 

  • SCCU Routing Number: 263177903
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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.

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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.