MSU Federal Credit Union

Construction Loan

Planning to build your ideal home? Work with your builder to fine-tune the plans, pick the colors, and trims - we'll help with the financing. MSUFCU Construction Loan allows up to five draws and interest only payments during the draw period (up to 12 months from the loan origination date).

• Rates as low as 5.625% APR
• Fixed or variable interest rate with 10, 15, 20, or 30-year terms.
• 20% down payment required, less the equity of a borrower-owned lot
• Loan amounts up to $3,000,000

To apply, click the Apply Now button below, by phone or at a branch. If you have questions, contact the Mortgage Department directly at 517-333-2424 option 3

Apply Now

120-Day Pre-Approval
Rate Guarantee

With a preapproval, you'll have a guaranteed rate for 120 days while you look for the perfect home.

Apply in the
Mobile App

On-the-go looking at houses? With just a few taps of your finger, you can apply for a mortgage from anywhere with our mobile app.

As low as
3% down

With as low as 3% down on your mortgage, you'll be able to save the rest of your money for the expenses that come with owning a new home.

Mortgage Rate
Modification

Lower your rate and possibly shorten the term of your existing MSUFCU mortgage loan.

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Whats the difference between a fixed-rate and adjustable-rate mortgage (ARM), and which one should I choose?

The difference between a fixed rate and an adjustable rate mortgage is that, for fixed rates the interest rate is set when you take out the loan and will not change. With an adjustable rate mortgage, the interest rate may go up or down.

With our Conventional Fixed-Rate Mortgage you can select from 10, 15, 20 and 30-year terms with a fixed rate for the length of the loan. A down payment of at least 3% is required.

With our Adjustable-Rate Mortgage your home loan will be at a lower rate for the first 3 to 5 years. Adjustable-Rate Mortgages are perfect for short-term home ownership, large payments towards the loan in the first few years, or for members simply looking to save money with a lower fixed rate for the first 3 to 5 years. Select from 3-1 or 5-1 ARMs for 15- or 30-year terms.

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Primary residences, owner-occupied, vacation homes, or single family located within Michigan.

Currently non-owner-occupied, construction, and manufactured home loans are only available in Michigan.