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Flexible for your needs

At LGFCU we make it easy for you to manage the cost of major construction projects on your home. You can use the loan to build your primary home or a vacation or second home. Financing can include the cost of your land purchase. Subject to approval. Mortgages are available for properties located in NC, SC, TN, VA and GA. Members must reside in NC or bordering states to be eligible. Not available on rental properties.

Conversion to mortgage loan

LGFCU Construction Loans advance the funds for six to nine months as the work progresses. Upon completion of the six- to nine-month period, the permanent, regular monthly payments phase begins. Once the construction is finished, your loan converts to either a Fixed-Rate Mortgage or a Five-Year Adjustable Rate Mortgage.

Payments begin according to the terms and interest rate set previously at closing. The mortgage origination fee is 1.00% of the loan amount with a cap of $2,500. There is an additional fee for refinance transactions of 0.50% of the loan amount (no cap). Member is responsible for appraisal costs. One closing is conducted. There are no application fees and no credit report fees.

    For purchases, maximum financing and loan-to-value tier is determined based on the lesser of the sales price or appraised value.

    Next Steps

    Choose a way to request your Construction Loan.

    • Log in to Member Connect and select the Loan Center tab. Choose Mortgage Center.
    • Call us at 888.732.8562.
    • Visit your local branch.
    • Not an LGFCU member yet? Join us!