Purdue Federal Credit Union

Phone #: 800.627.3328
Routing #: 274976067

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Personal Banking
Construction Loans

Construction to Permanent Financing

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Streamlined construction loans with a one-time closing.

Benefits of a One-Time Closing
  • Lock in rate for the life of the loan (construction and permanent financing).
  • Scheduled loan disbursements to builder upon submission of each invoice.
  • Interest-only payments for the construction period of up to 12 months.
  • Lot purchase can be rolled into the one-time closing.
  • Upon completion of construction the loan modifies to principle and interest payments with the same rate locked before construction began.
Loan Types Available

Fixed-Rate Products (10, 15, or 30 years)

Borrower Requirements
  • Borrower must meet with a Purdue Federal mortgage representative and complete a full 1003 Mortgage Application.
  • Provide all required documents for credit approval.
  • Submit purchase agreement, plans and specifications of the subject property.
Loan Draw Process
  • The builder submits an invoice to request a draw.

  • The builder must provide a building permit, lot survey, and if applicable, well and septic approval prior to loan closing. Purdue Federal will order a house location survey, title update to ensure the property doesn’t have any liens, and property inspection to verify the percentage of complete work matches the requested draw amount.

  • Once the above-mentioned information is approved, a check will be written from the construction loan and made payable to the title company. The title company will ensure the builder signs a lien waiver and the check will be made payable to both the builder and borrower.

*Subject to credit approval. Membership eligibility required.


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