Building Your Dream Home? Here’s What to Know About Goldenwest Construction Loans

For many homebuyers, finding the perfect house can feel like searching for a needle in a haystack. That’s why more homeowners are choosing to build instead and with the right financing, the process can be smoother than you might expect.

Goldenwest Credit Union offers construction loans designed to help turn your vision into reality, whether you’re starting from raw land or already have plans in place.

What Is a Construction Loan?

A construction loan is a short-term loan that covers the cost of building a home. Instead of receiving the full loan amount upfront, funds are released in stages—often called “draws”—as construction progresses.

Once your home is complete, the loan typically transitions into a traditional mortgage.

What Can a Construction Loan Cover?

A Goldenwest construction loan can typically be used for:

• Land or lot purchase
• Labor and materials
• Contractor costs
• Permits and inspections
• Contingency reserves for unexpected expenses

This makes it a comprehensive solution for building a traditional home from the ground up, adding an ADU to your existing house or property, or building a Barndominium.

Tips for Getting Started

If you’re thinking about building, here are a few steps to prepare:

• Review your budget: Include land, construction, and finishing costs
• Choose a builder early: Lenders often require approved contractors
• Get prequalified: Understand how much you can borrow
• Plan for timelines: Construction loans have specific draw schedules and deadlines

Turning Plans Into Reality

Building a home is one of the most exciting financial journeys you can take and having the right lender makes all the difference.

With flexible options, competitive rates, and local expertise, Goldenwest Credit Union provides the tools and support to help you move from blueprint to front door with confidence.

Why Choose Goldenwest for Construction Financing?

Goldenwest Credit Union offers a range of home financing options including construction and lot loans, all with competitive rates and personalized service.

Our construction loans include both one-time close and two-time close, giving borrowers flexibility depending on their financial goals and timeline.

• One-time close: Combines construction and mortgage into a single loan
• Two-time close: Separate loans for construction and long-term financing 

Find a local Mortgage Expert who is ready to help make your construction plans a reality! https://www.gwcu.org/borrow/home-loans/mortgage-originators/