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Simple construction-to-permanent home loan

When you’re ready to build your dream home, we’ve got you covered from the ground up. Our simplified process ensures you lock in a great rate up front before home construction begins, as well as save time and money with just one closing.

Overview

Rates as low as 5.750%/7.801% APR²

A Construction-to-Permanent home loan allows you to shop for just one loan when building a new home. It covers the financing during the building process and then transitions into a permanent loan once home construction is complete, saving you the additional time and closing costs of two separate loans.

Lock in low rate up front
Convenient one-time closing
Close in 30 days or less
If you're ready to get started, let us walk you through the process. You can reach us a number of ways: call (863) 688-8443 or toll free (855) 915-4663, find a local mortgage specialist, or start your application online.

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Find a Mortgage Specialist


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Features

Learn about Construction-to-Permanent Mortgages

  • Down payment as low as 10% for fixed rate loans1, as low as 20% for adjustable rate loans2
  • Financing is secured before home construction begins. You only need to be approved once.
  • Interest-only payments during construction
  • One-step, one-time closing
  • Converts to a fixed- or adjustable-rate mortgage
  • Flexible loan terms up to 30 years
  • Jumbo loans available

Things to Consider

  • Builder must be reviewed by MIDFLORIDA.
  • Inspections are required prior to each draw.
  • While there is only one closing, additional costs may be due at the time of loan conversion, such as establishing an escrow account for insurance and taxes, unpaid construction phase interest or title insurance fees.

Homeowners Insurance

Are you covered?

Protect your home inside and out. Compare multiple carriers to find the best deal available. Insurance products provided by MIDFLORIDA Insurance Services, LLC. Lic. #L084232
Notices & Disclosures
1
MIDFLORIDA Credit Union Membership, eligibility, and credit approval required. Available for construction of primary and secondary single-family residences. Payment Example: A 30-year fixed rate construction to permanent loan for a primary residence based on a minimum credit score of 720 for $300,000 with 10% down at 7.625% and an Annual Percentage Rate (APR) of 7.743% has a monthly payment of $2,123.38 which includes principal and interest. Payment example does not include taxes, insurance premiums, or mortgage insurance premiums; actual payment will be greater. Advertised terms are valid as of April 01, 2024, and subject to change without notice. Other conditions apply. Ask your mortgage loan officer for details.
2
MIDFLORIDA Credit Union membership, eligibility, and credit approval required. Available for primary residence. 5.750% is a 1-year promotional rate. Payment example: Based on a minimum credit score of 700, a 1-year adjustable rate mortgage construction permanent loan for $300,000, with a minimum 20% down at 5.750% interest rate and an Annual Percentage Rate (APR) of 7.801%. The monthly principal and interest payments are $1,750.72 during the first 12 months. The interest rate may adjust once every 12 months thereafter, based on the 1 year US Treasury Bill rate (5.030% as of April 01, 2024) plus a margin of 2.75%, with a maximum interest increase of 6% over the rate at closing. The monthly payment amount after the first adjustment based on current rates will be $2,140.37 and the highest possible monthly payment during the life of the loan could be $2,978.00. Payment example does not include amounts for taxes or insurance premiums; the actual payment will be greater. Promotional Rate and margin may vary based on credit history and underwriting guidelines. Advertised terms are valid as of April 01, 2024, and subject to change without notice. Other conditions apply. Ask your mortgage loan officer for details.