Get a construction loan in Louisiana FCU.

CONSTRUCTION LOANS IN LOUISIANA

APPLY FOR YOUR CONSTRUCTION LOAN.
GET A HOME LOAN ESTIMATE.
Have a question? Request a call back.

Or you can call us at(985) 652-4990.

BUILD YOUR HOUSE. NOT YOUR FRUSTRATION.

Getting a loan to build a new home can feel overwhelming. But it doesn't have to be that way.
Receive expert guidance.

EXPERT GUIDANCE

Buying vacant land can be confusing. But you won't have to do this alone because our trusted experts will guide you.

Build the home of your dreams

BUILD YOUR DREAM HOME

You can dream big and then dream bigger when planning to build the house you have always wanted.

REQUEST A CALL BACK: TALK TO A TRUSTED CONSTRUCTION LOAN EXPERT.

FOUR SIMPLE STEPS TO HELP YOU GET THERE.

WE PROMISE TO MAKE GETTING A LOAN TO BUILD YOUR HOUSE QUICK AND EASY.
Step 1: Compare

1.COMPARE

We'll help you compare construction loan rates and payment terms to find the best fit for you.

Step 2:  Calculate

2.CALCULATE

Run the numbers and calculate your monthly loan payment.

Step 3: Prepare

3. PREPARE

We'll help you get prepared to build a home to make things simple for you.

Step 4: Apply

4. APPLY

Get pre-approved for your loan and plan to build your house with confidence.

"I feel like the Louisiana FCU understands my needs as both a customer and [as a] local."

 
- CELESTICA B.

STEP 1: COMPARE CONSTRUCTION LOAN RATES.

Rates effective as of 6:34 A.M. CT, September 1, 2019

Rates subject to change without notice.

9 Months
AS LOW AS
4.750%

APR: 9.237%

POINTS: 0.750%

 

What's the APR?

The interest rates, annual percentage rates (APRs), and discount points shown are subject to change without notice. Your APR will vary based on your final loan amount and finance charges.

During the construction period, you will be billed monthly for interest due based on the outstanding balance of your construction loan during the month. The monthly payment amount shown above is an estimate of your payment.

The monthly payment amount shown includes principal and interest. Taxes, property insurance, and flood and mortgage insurance (if applicable) are not included in the monthly payment amount. Your actual monthly payment amount may be higher. An escrow account may be required.

Rates quoted above include a Loan Origination Fee of 1%. If you prefer to not pay this fee, we do have other rates available for you to choose from. Please contact one of our Loan Advisors.

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STEP 2: CALCULATE YOUR MONTHLY MORTGAGE PAYMENT.

We recommend calculating your monthly mortgage payment using the rate and term above. It is helpful to remember the rate you may qualify for could be different rate depending on a variety of factors including the term and your credit score.

ESTIMATE YOUR MONTHLY PAYMENT.

STEP 3: HOW TO GET PREPARED TO BUILD YOUR HOME.

DETERMINE IF YOUR CONSTRUCTION IS ELIGIBLE

DETERMINE IF YOUR CONSTRUCTION IS ELIGIBLE


To qualify for your construction loan, a full-time general contractor must be used for the construction of your home. And your new house must be an owner-occupied primary residence, and the property type must be a one-unit, single-family detached home. 

GATHER IMPORTANT DOCUMENTATION

GATHER IMPORTANT DOCUMENTATION


Please have the plans and specifications from your builder along with the construction agreement that specifies the cost of your house including options and upgrades. You will also need the deed to the land you're building on.

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OBTAIN BUILDER'S RISK INSURANCE


Please provide a copy of a standard pre-paid builder's risk policy. This policy is typically paid by most builders pay and is included in their bid. The policy protects you from financial responsibility for any damage, theft, or liability that may occur while your house is under construction. 

MANAGE CONSTRUCTION COST OVERRUNS

MANAGE CONSTRUCTION COST OVERRUNS


Once you start construction on your new house, it's not uncommon to want to make changes or upgrades to the original plans. However, you must pay any cost associated with any changes or upgrades during the construction.

CONVERT LOAN TO A PERMANENT MORTGAGE

CONVERT LOAN TO A PERMANENT MORTGAGE


We will convert your construction loan into the permanent mortgage you have chosen once we receive the documentation confirming the construction of your new house has been completed.

STILL HAVE QUESTIONS ABOUT APPLYING FOR A LOAN TO BUILD YOUR HOME?

REQUEST A CALL BACK.
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STEP 4: APPLY FOR YOUR CONSTRUCTION LOAN.

Get pre-approved to confidently build the house you want. Our trusted construction loan experts will guide you every step of the way to help you get there. 

APPLY NOW FOR YOUR CONSTRUCTION LOAN TODAY.

GET ANSWERS TO FREQUENTLY ASKED QUESTIONS ABOUT CONSTRUCTION LOANS.

Are payments required on an interim construction loan?


Yes, we require monthly “interest only” payments during the construction.

Can I get a fixed rate on a construction loan?

Yes, we offer fixed rates for 12 months.

Can I self-contract the construction myself?

No, a licensed contractor is required for all construction loans.

What is the minimum down payment for a construction loan?

A 20% down payment is required for construction loans. You may also use the equity from the land towards the down payment.

* APR = Annual Percentage Rate.