Ascend Federal Credit Union

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Construction Loans
We Make Construction Financing Easy! As part of our complete mortgage loan program, Ascend offers an excellent construction loan product for personal residences located in the states of Tennessee and northern Alabama. With a credit union construction loan, your interest rate will be the same rate that is currently available on the permanent financing option you choose from our selection of mortgage loans.

Home Completion – You will have up to twelve months to complete your construction. You will not be required to make payments while construction is underway.

Fund Disbursements – Funds on your construction loan are disbursed promptly so the construction process is not delayed. For your protection, each disbursement is made following an inspection by an authorized appraiser.

Perhaps the best part of our program is the fact that you keep the same interest rate on your construction loan when you convert to permanent financing. This prevents worry about interest rate increases while your home is under construction. Plus, if interests rates go down, you may take advantage of a lower rate. For complete details on permanent financing options, view our mortgage product descriptions.

Construction Loan Requirements
A licensed contractor must complete the home.
A set of house plans and specifications (true to scale) with both front and rear elevations is required.
If you are considering building, call your credit union at 1-800-342-3086, extension 1300 for a good faith estimate of closing costs at any time or send us an email with your inquiry.

*Policies subject to change upon regulation change and/or Board of Directors approval.

Apply for your construction loan now.

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