Construction Mortgage Loans

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

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.

To apply for a mortgage, you will need to provide the following documents to verify your identity, income, assets, and employment. Required Documents & Why They are Needed

• Copy of your driver’s license or state-issued ID – Verifies your identity and legal name.
• Last 2 years of W-2 forms – Prove your employment history and income stability.
• Most recent 30 days of pay stubs – Shows your current income and allows us to calculate your debt-to-income ratio accurately.
• Last 2 years of Federal Tax Returns (including all schedules) – Confirms your reported income and helps lenders assess your overall financial picture.
• Most recent two months of bank statements (all pages) – Verifies your assets, down payment funds, and that you have enough reserves after closing.
• Contact information for your homeowner’s insurance agent – Required to set up the proper insurance coverage for the property at closing.

Why These Documents Matter Lenders use these documents to confirm you can afford the loan and meet underwriting guidelines. Having them ready when you apply can shorten your approval time from weeks to days. 5 Helpful Hints When Preparing Mortgage Documents

1. Gather everything before you apply — it can save you weeks of delays.
2. Make sure all pages of the bank statements are included.
3. Include all W-2s and tax returns, even if you filed jointly.
4. Scan or take clear photos of your documents for easy upload.

How do I check my loan application status at People Driven Credit Union?

You can check your loan application status by contacting People Driven Credit Union or your assigned loan specialist. Many members ask how do I check my loan application status because they want fast updates on their progress.

How to check the status

• Call PDCU member or loan support at 248-263-4100.
• Have your identifying information ready for verification.
• Ask whether any additional documents are needed to proceed.

Checking your loan application status at People Driven Credit Union is simple and secure. You receive clear answers quickly. Our team keeps you informed every step of the way.

Call for Your Status Update

Pick up the phone and dial 248-263-4100 during business hours. Our loan specialists answer right away. Give them your name, application number, or Social Security number. They pull up your file instantly.

Prepare for the Call

Have your driver’s license or member number ready. Note any recent emails or letters from us. This speeds up the process so you get answers faster.

Common Questions

How long does a review usually take? Timing varies by loan type and application volume, so contact PDCU for your current status timeline.

Get Help from Our Team

Call us at 248-263-4100 during business hours. Our team checks your status right away. You can also visit any branch in Livonia, Southfield, Warren, Ypsilanti, or Romeo.

5 Helpful Hints for Checking Your Loan Application Status

1. Call early in the day for shorter wait times.
2. Write down your application number before you call.
3. Ask for an email summary of your current status.
4. Check your spam folder for any updates from PDCU.
5. Contact us at 248-263-4100 if you need to submit more documents.

People Driven Credit Union keeps you informed about your loan application status. You feel confident knowing exactly where things stand. Our team works hard to move your application forward quickly. Many members receive approval updates within days. Thank you for trusting us with your loan needs. Our team is always ready to help you reach your financial goals.