MSUFCU Construction Loan allows up to five draws and interest only payments during the draw period (up to nine months from the loan origination date). Choose from a fixed-term or ARM Loan with 10-, 15-, 20- and 30-year terms. 20% down payment is required, or the owned property must be equal to 20% of the loan.
• Loan amounts up to $1,500,000
• Draw checks made payable to the borrower and builder