Build the home of your dreams on your terms.
Building your dream home is a huge step, involving both time and money. But don’t worry! At TEG Federal Credit Union, we’re here to simplify the process for you. With our Construction-to-Permanent loans (CTP).
What is a Construction-to-Permanent (CTP) Loan?
A Construction-to-Permanent loan allows you to borrow money to build a home. Our CTP loan provides options for:
Our CTP features a single close, with interest only during construction, that automatically converts to a permanent mortgage upon completion.
Construction Loans
Our TEGFCU Construction-to-Permanent Loan Packet will provide an overview of the following steps:
Meet with your loan officer
Select your home design
Submit your application
Obtain credit and project approval
Close your loan
Build your home
Convert to a permanent mortgage
The TEG CTP loan product is limited to Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester Counties. Exceptions outside of these counties, while still in New York State, will be considered on a case-by-case basis.
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TEG’s Construction to Perm (CTP) loan simplifies the process of building your new home. It combines your construction loan and permanent mortgage into a single loan, saving you time and hassle
Turn your dream of homeownership into reality with a streamlined financing solution.
Construction Loans FAQs
Have additional questions? See our full list of Mortgage FAQs here.
Homebuying Questions?
Get answers in our Mortgage Learning Center.
Find helpful articles, tools, and other great resources to help you with your homebuying journey.
Finance Your New Build with Ease
Apply for your TEG CTP Loan today and experience a smooth, stress-free path to homeownership!
Apply for a TEGFCU Mortgage
To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.
When we come together, everyone grows.
Explore Our Products
Mortgages
Whether you are looking for a traditional mortgage or need something a little outside the box, our lending experts will go the extra mile to find the financing that is right for you.
ARMs
If you’re ready for home ownership but want to start with a lower interest rate and therefore, a lower monthly payment, an adjustable-rate mortgage from TEGFCU may be the way to go.
Renovation Loans
Start your homebuying journey with tools and resources to help you better understand the mortgage process.
We Do Business in Accordance with Federal Fair Lending Laws – Fair Housing Poster.
Home Mortgage Disclosure Act Notice – The HMDA data about our residential mortgage lending are available for review. The data show: Geographic distribution of loans and applications Ethnicity, race, sex, and income of applicants and borrowers Information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.