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People Driven Credit Union

Construction Mortgage Loans

Building Dreams, One Home at a Time.

Apply for a Construction Mortgage

Build Your Dream Home with a Construction Mortgage Loan

Are you ready to turn your dream home into a reality? At People Driven Credit Union, we offer construction mortgage loans to make your home-building process smooth and stress-free. With competitive rates and flexible terms, we’re here to support you every step of the way.

Membership and eligibility requirements apply, with approval subject to application, credit, and property considerations.

Meet Our Mortgage Loan Officer

Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.

Michelle Dzon

Michelle Dzon

Member First Mortgage, LLC (MFM)
michelle.dzon@memberfirstmortgage.com
616-301-1714 | NMLS ID: #401292 | People Driven Credit Union NMLS ID: #776727

 

PDCU Construction Loan Benefits

Competitive Rates: Keep your construction costs manageable.

Flexible Terms: Terms to fit your budget and timeline.

One-Time Close: You only need to go through the closing process once.

Interest-Only Payments During Construction: Make interest-only payments while your home is being built.

Expert Guidance: Our specialists are here to guide you through every step of the process.

Comprehensive: Allows financing for the lot, construction & permanent mortgage.

How It Works

  1. Pre-Approval: Start by getting pre-approved for your construction mortgage loan. Understand your budget and show builders that you are a serious buyer.
  2. Choose Your Builder: Select a reputable builder for your project. We can help you find one that meets your needs.
  3. One-Time Close: Combine your construction loan and permanent mortgage into a single loan. This saves you from having to requalify and pay additional closing costs.
  4. Build Your Home: As your home is built, make interest-only payments. Funds are disbursed to your builder at key construction stages, keeping everything on track.
  5. Move-In: Once construction is complete, your loan becomes a permanent mortgage, and you’ll start making regular monthly payments.

Get Started Today

Building your dream home is easier than ever with a construction mortgage loan from People Driven Credit Union. Apply online or reach out to speak with our Mortgage Loan Originator and discover how we can help you turn your vision into a reality.

Apply Now | michelle.dzon@memberfirstmortgage.com | 616-301-1714

People Driven Credit Union: Building Dreams, One Home at a Time.

Frequently Asked Questions

Meet Our PDCU Mortgage Specialist

Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.

Michelle Dzon

Michelle Dzon

Member First Mortgage

michelle.dzon@memberfirstmortgage.com

616-301-1714 | NMLS ID: #401292

If construction costs exceed the loan amount, you will be responsible for covering the additional expenses. It’s crucial to have a detailed budget and contingency plan to avoid running short on funds during construction.
Due to the increased risk involved, interest rates for construction loans are generally higher than for traditional mortgages. Rates can be variable or fixed and are determined based on your credit profile, loan amount, and market conditions.
Eligibility requirements can vary but typically include a good credit score, a stable income, a detailed construction plan, and a contract with a licensed builder. Some lenders may also require a down payment.
Construction loans can be used to cover the costs associated with building a new home. This includes land purchase (if not already owned), construction materials, labor, permits, and other related expenses.
A one-time close construction loan combines your construction financing and permanent mortgage into a single loan. You only have to go through the closing process once, saving you time and money on additional closing costs and paperwork.
Construction loans provide funds in stages as your home is being built. These funds are disbursed to your builder based on a pre-agreed schedule, often called "draws." During construction, you typically make interest-only payments on the disbursed amounts. Once construction is complete, the loan transitions to a permanent mortgage, and you start making regular mortgage payments.
A construction mortgage loan is a type of loan specifically designed to finance the construction of a new home. It typically involves two phases: the construction phase, where the loan funds the building process, and the permanent mortgage phase, where the loan converts into a standard mortgage upon completion of the home.
  • Copy of your driver’s license
  • Last 2 years W2’s
  • Most recent 30 days span of paystubs
  • Last 2 years Federal Tax Returns
  • Most recent two months bank statements, all pages
  • Contact information for homeowner’s insurance agent
You may give us a call at 248-263-4100 to speak with the loan department.

Disclosures

*Construction financing is available to all borrowers on a conventional product construction loan with People Driven Credit Union. This is not a commitment to lend. All lending products are subject to credit and property approval. Additional restrictions may apply. Refinancing an existing mortgage loan may cause the total finance charges to be higher over the life of the loan.

People Driven Credit Union: 24333 Lahser Road, Southfield, MI 48033; Phone: (248) 263-4111; NMLS ID# 776727. Equal Housing Opportunity. For licensing information, please visit www.nmlsconsumeraccess.org.

Equal Housing Lender logo

Equal Housing Lender. Member First Mortgage, LLC (MFM) NMLS ID# 149532. All loans are subject to credit approval. Terms and conditions apply. Program availability is subject to change without notice.

Available to all members using a conventional mortgage loan program on a purchase transaction with People Driven Credit Union in the State of Michigan. Not eligible on multi-unit properties, condos, townhomes, or manufactured houses. The Loan Example is current as of 9/9/2025 and based on a $200,000 loan amount with a conventional 30-year fixed rate term (360 monthly principal and interest payments of $1,231.43); 0% Down Payment; 6.25% Interest Rate with an Annual Percentage Rate (APR) of 6.465%. Rates quoted assume excellent borrower credit history. Payment example does not include taxes and insurance; the actual payment obligation will be higher. The cost of Private Mortgage Insurance (PMI) is waived as part of this promotion, to be paid by the Lender. This is not a commitment to lend. All lending products are subject to credit and property approval. Additional restrictions may apply. Member First Mortgage, LLC (MFM) is a partner of People Driven Credit Union. Michelle Dzon #401292, is authorized to act as agent of People Driven Credit Union (24333 Lahser Road, Southfield, MI 48033 | (248) 263.4100 | NMLS ID: 776727) and is authorized to represent Member First Mortgage, LLC, a licensed Mortgage Lender/Servicer (Corporate Office: 616 44th Street SE, Grand Rapids, MI 49548 | (616) 538.1818 | NMLS ID: 149532). For licensing information, please visit www.nmlsconsumeraccess.org. Equal Housing Opportunity.

SAFE Act Compliance Testing:
We conduct annual independent testing of our mortgage compliance in accordance with the SAFE Act (Reg G) requirements.

All other trademarks are the property of their respective owners.

Equal Housing Lender logo People Driven Credit Union is an Equal Housing Opportunity Lender NMLS #776727

Membership Requirement:

All accounts and loans require membership at People Driven Credit Union. Membership is available to individuals who live, work, worship, or attend school in the State of Michigan, as well as relatives of current members. To complete an application for any account or loan, you will need the following information:
  • A valid Driver's License, State ID, or Passport with your current address
  • Your Social Security Number
A Membership Share Savings Account is required to establish membership at People Driven Credit Union. A $5 deposit secures your ownership share in the credit union and unlocks access to our full suite of products and services. This account earns 0.01% APY with a $5 minimum deposit.