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. Before you know it, you'll be setting out the welcome mat for family, friends, and new neighbors.
Currently non-owner-occupied, construction, and manufactured home loans are only available in Michigan.
Why OU Credit Union
OU Credit Union 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
Primary residences, owner-occupied, vacation homes, or single family located within Michigan.
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Oakland University Credit Union
savings are Federally insured to at least $250,000 by the
and backed by the full faith and credit of the United States Government.
APR = Annual Percentage Rate. APY = Annual Percentage Yield.
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