Construction Loans in Minot, ND
We offer flexible construction loans to help you finance your dream home from the ground up. Our loans provide competitive rates and tailored terms to fit your building plans.
Flexible Construction Loans in Minot, ND
At Aspire Credit Union, we know that building a home is an exciting journey—but it can also feel overwhelming. That’s why we offer affordable construction loans designed to make the process smoother and stress-free.
Our home construction loans are available for residents in Minot, ND, and surrounding areas. Whether you’re planning to build a new primary residence or a vacation home, we provide flexible financing options with competitive rates to fit your needs.
Get started on building your dream home today! Apply for a construction loan with Aspire Credit Union and turn your vision into reality.
Benefits of Construction Loans
Our construction loans offer flexible financing with a personal touch.
Flexible Loan options
At Aspire Credit Union, we offer competitive interest rates on construction loans, helping you reduce monthly payments and save money throughout your home-building journey. Our low-rate construction financing ensures affordability, so you can focus on bringing your dream home to life—without financial stress.
Local Expertise and Support
Choosing a construction loan from Aspire Credit Union means more than just financing, it’s a customized lending experience with dedicated support at every step. Our team provides personalized guidance, ensuring your home construction financing aligns with your unique needs from start to finish.
Tailored Terms to Fit Your Project
At Aspire Credit Union, we offer flexible construction loan terms designed to fit your financial needs. With customized repayment options, including extended loan terms and adjustable payment schedules, you can manage your budget with ease while building your dream home.
The Aspire Difference
We’re a partner in your financial journey. Our loans are designed with our members in mind, offering competitive rates, flexible terms, and personalized service that big banks just can’t match. The impact? Stronger communities, more opportunities, and financial freedom for those we serve.
FREQUENTLY ASKED QUESTIONS
What is a construction loan, and how does it differ from a traditional mortgage?
A construction loan is specifically designed to finance the building of a new home or major renovations. Unlike a traditional mortgage where you receive the full loan amount upfront, with a construction loan, funds are typically distributed in stages as the project progresses.
What are the requirements for obtaining a construction loan?
Requirements for a construction loan may include a construction plan, a strong credit score, a down payment, and proof of income. Lenders may also assess the value of the project and the borrower’s ability to repay the loan.
Some of the more specific lists include:
- 20% down (can include land equity)
- 12-month interest-only construction period
- No limit on the number of draw requests
- General contractor NOT required*
- Requires membership
How long is the repayment period for a construction loan?
The repayment period for a construction loan can vary but is typically shorter than a traditional mortgage. Our construction loan repayment term is typically around on year. During that time the borrower makes interest-only payments. Once the construction is complete, the loan may be converted into a traditional mortgage or paid off in full.
What are the loan rates?
Construction loan rates can vary based on factors such as market conditions, loan terms, and credit qualifications. Unlike traditional mortgages, these rates may be structured as adjustable or fixed, depending on the lender’s offerings. At Aspire Credit Union, we provide competitive loan rates designed to support your home-building journey with flexible repayment options and affordable financing solutions.
Click here to learn more about our loan rates.
