Construction To Permanent Mortgage

Lock in your best rate while still building.

Apply Today

Build the life you've always dreamed of

Custom building your next home is more accessible than you think. PenAir Credit Union offers financing up to 90% of the appraised value of your new home construction.

Benefits of a PenAir Construction to Permanent Home Loan

Rates class="wrapper">

Feel secure knowing your rate is protected

Hand holding dollar bill class="wrapper">

Interest only payments during construction

Crunch the numbers.

What to Expect When You Apply for a PenAir Mortgage

1 class="wrapper">

Compare loan types, rates and terms

Review your mortgage choices, play around with PenAir’s mortgage calculators, and even contact a PenAir Mortgage Expert to find the best option for you.

2 class="wrapper">

Apply for your loan

It’s a lot easier than you might think. Our online loan application is a fast and easy way to get your mortgage loan process started.

3 class="wrapper">

Provide supporting documents

We provide secure online and offline options to send required documents to our underwriters. We know this is the boring part, but our Mortgage Team will make it as easy as possible.

4 class="wrapper">

Get your pre-approval

This step lets you know what your approvable purchase and finance amount is, the rate and potential monthly payment for that amount. Let the house hunt begin.

5 class="wrapper">

Lock in your rate and get final approval

If you are refinancing, this step can take place right after pre-approval. For a home purchase, the loan will move toward closing once you have had an offer accepted and the property details are submitted to our team.

6 class="wrapper">

Review final loan documents

Once we have the required property information in hand and other document requirements have been met, we can generate the final loan documents for review before setting a closing date.

7 class="wrapper">

Close on your new home

Now for the fun part. Once a closing date is set, loan documents will be delivered to the closing agent for signing and financial transactions will be coordinated to complete the process. And just like that — you’re home.

Need a little more information?

The money from a Construction Loan is used to build your new home. A Permanent Home Loan pays off any liens or mortgages that are associated with the construction costs.

Land costs, soft costs (permits, design costs, etc.) or costs that are accounted for in the budget and an invoice is provided.

The loan term maturity for a construction loan is 12 months.

Didn't find what you're looking for? Browse our PenAir FAQs Here: Browse our PenAir FAQs

Start your application today. We can help!

Get Started Now
Apply Online
Give Us a Ring
Our Friendly Staff Are Here to Help
Schedule an Appointment

Schedule an appointment

Do you want an in-person or virtual appointment?

In-Branch Appointment

Jump the queue and set aside time to address your financial priorities.

Book in-branch appointment

Virtual Appointment

Save the drive and meet with PenAir via phone or video.

Book virtual appointment

Specialty Appointments

For Wealth, Financial Counseling, and Mortgage Lending appointments, please follow the steps below.

Wealth Management

For help with retirement, rollovers, and portfolio management, call 850-505-3200 ext. 8332 to meet with a licensed Wealth Manager.

Financial Counseling

For help with your finances, schedule an appointment with a Financial Counselor.
Meet with a Financial Counselor

Mortgage Lending

For all Mortgage appointments, please call 850-505-3200 ext. 8360 or email the Mortgage Department.


©2023 PenAir Credit Union. NMLS#413053. Terms and conditions subject to change without notice. Subject to credit approval. Rate may vary based on individual.

SVG linear gradient