Construction, Land & Renovation
We'll help make your dream home a reality.
- Financing for vacant/unimproved land
- Financing for general contractor assisted builds
- Financing for large scale renovations
We're a Great Partner for Your Project
Let's Get Started!
Buying land, building a custom home, or renovating your existing home can all be challenging but tremendously satisfying experiences. The Mortgage Specialists at Adventure Credit Union can help make the process easier and more enjoyable.
Loan Details
Vacant Land Loan
Vacant Land Loans allow you to purchase parcels of unimproved land in greater Grand Rapids, Lansing, or other parts of Michigan. These parcels may be located in a developed subdivision, platted subdivision or may be stand-alone parcels. We will also refinance an existing loan secured by unimproved land.
Loan Features:
- Fixed interest rate financing
- No prepayment penalties
- Available in 10, 15, and 20-year terms*
- Borrow up to 80% of the value of the land
Construction Loan
A general contractor-assisted Construction Loan with Adventure Credit Union funds the building of a new home, with these features:
- Low, fixed interest rates
- One-time or two-time closing process
The general contractor coordinates everything from the budget to hiring subcontractors, requesting inspections, and obtaining building permits. (We do not offer financing for self-build projects.)
Once construction is complete, your Construction Loan will be refinanced as a conventional fixed rate mortgage.
Renovation Loan
What is a Renovation Loan?
Our Renovation Loan is similar to a HELOC but allows you to borrow more. That's because we base your loan amount on the value of your home AFTER your projects are complete. This subtle difference can make a big difference on how much you qualify to borrow for your project.
How does the Process Work?
Once approved, your Home Renovation Loan acts as a line of credit that you are able to draw on for up to 9-months to complete your addition and/or renovations. We cap your interest rate upfront to protect you from the possibility of rising interest rates.
When your project is completed, your line of credit will be converted to a term loan. At this time, if your first mortgage is held by another lender, you will be able to refinance and combine it with your Home Renovation Loan at the same interest rate you previously locked in. As a result, you will make just one monthly mortgage payment to Adventure Credit Union.
Helpful Resources
We're here to answer your questions.
We reached out looking for a construction loan, Julie H made a 1-2 month process happen in under 4 weeks so we could stay on our build timeline.
*Mortgage rates are determined by multiple factors such as loan term, creditworthiness, underwriting requirements, and more. Mortgage rates change daily. Please contact us for today's rates and to discuss your unique situation.