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Peninsula credit Union offers a variety of construction loan programs to meet your needs.
 
All In One Construction - 10 Year Balloon
Finshed Lot Loan 5 Year Balloon
Finished Lot 15 Year Fixed
Raw Land 15 Year Fixed

All In One Construction - 10 Year Balloon
30 year amortization, 10 year balloon, interest only first 12 months. During the construction period of your mortgage, your monthly payment will be calculated as the interest due based on the original amount of your loan. After the construction period ends your monthly payments will be calculated based on the original amount of your loan, the applicable interest rate, and remaining loan term.

Term: 10 years  
RatesAPRPoints
4.75%5.239%1.5%
 
Important Notices •During the construction period, you will be billed monthly for interest due based on the outstanding balance of your construction loan during the month. The monthly payment amount shown above is an estimate of your payment after the construction period ends. The estimated monthly payment amount shown includes principal and interest. Your actual monthly payment will be higher if an escrow/impound account is established or required. •The interest rates, annual percentage rates (APRs), and points shown are subject to change without notice. •The monthly payment amount shown includes principal and interest. Taxes, property insurance, and flood and mortgage insurance (if applicable) are not included in the monthly payment amount. Your actual monthly payment amount may be higher. An escrow account may be required. •Your APR will vary based on your final loan amount and finance charges. •Escrow accounts are not available on the following products: Construction Loan - 12 Month, All In One Construction Loan.

Finshed Lot Loan 5 Year Balloon
15yr amortization, balloon in 5 years Maximum Loan-to Value 75% Finished Lot = Utilities Complete

Term: 5 years  
RatesAPRPoints
6.5%7.029%0%
 
Important Notices: Unimproved property for the purpose of building a future single family residence. Site must be residential in nature. 20 acres maximum The credit union does not finance land for investment purposes.

Finished Lot 15 Year Fixed
15 year fixed / Max 95% loan-to- value / Max loan amount not to exceed $100,000

Term: 15 years   Maximum Amount: $100,000
RatesAPRPoints
7.75%8.341%1.5%
 
Finished Lot has Utilities Complete, 20 acres maximum, the credit union does not finance land for investment purposes.

Raw Land 15 Year Fixed
15 year fixed / Max 95% loan-to- value / Max loan amount not to exceed $100,000

Term: 15 years   Maximum Amount: $100,000
RatesAPRPoints
8.75%9.358%1.5%
 
Raw Land - No Utilities / Recreational Use, 20 acres maximum the credit union does not finance land for investment purposes.



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $548,250 with closing costs of $10,965. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.