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CONSTRUCTION LOANS

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Let’s build the dream

  1. Pay off an existing land loan or finance new construction
  2. Available for single and multi-family homes
  3. Wrapped up in a single, fixed-rate mortgage

Finance up to 95% of your project’s value

We meet you where you are with options to help you achieve your building goals.

  • Keep it easy with streamlined financing
  • Save with interest-only payments during construction
  • Borrow up to 95% of your building’s value
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FROM OUR COMMUNITY

“Been banking here 26 years. Becky recently helped me get my banking needs taken care of quickly and was friendly and professional. I’ve had great service over the years at this community-minded credit union.”

Erika D.

Your money does good

Simply by being a member you’re helping to make a difference across our communities.

  • Affordable Housing

    We’re helping more people find homes and essential shelter through partnerships with nonprofits and local government.

  • Volunteering

    Our employees are given paid time off to volunteer for community programs of their choice.

  • Local Organizations

    We partner with organizations that help to enrich and nourish the lives of our neighbors.

  • Food Access

    We fund programs that help fight food insecurity across our communities.

Bank from your
phone anytime

Bank on the go with our mobile app, and keep it all on track.

  • Access all of your Lighthouse accounts
  • Make easy, secure loan payments
  • Mobile deposit your checks*
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Construction Loan Rates

Current interest rates

Loan TypeInterest RatePointsAPR
30-Year Fixed6.625%0.006.886%
30-Year Fixed Jumbo6.625%0.006.747%
1/1 ARM Land Loan9.875%0.0010.512%

Effective date: April 05, 2025

Construction Loan Disclosures

Annual Percentage Rate (APR) shown is the lowest rate offered, including discounts and based on credit score. Rates are subject to change without notice.

The Fixed 30 Year Construction loan term begins with a 12 month interest only construction period followed by a fully amortized re-payment period for the remaining 348 months.

Construction loans are only available if home is being built in New Hampshire, Massachusetts, Maine or Vermont.

Construction Mortgage Payment Example

A payment example for a Construction Mortgage Loan with $100,000 loan amount and 6.250% interest rate and annual percentage rate of 6.863% will have a monthly principal and interest payment of $623.02.

The APR in the payment example was effective on April 20, 2023. The current APR may be different than the APR used in the payment example.

1/1 Land Loan (ARM)

The 1/1 Land Loan ARM offers a fixed rate for 1 year and adjusts to a 1-year ARM after that period. The interest rate and monthly payment may adjust annually based on the 1-year U.S Treasury, plus a margin of 6 percentage Points. Caps are 2% annual and 6% lifetime.

Financial Calculators

Banking is better for our members with fair rates, affordable loans, and promising financial futures. And money can do more when put back into projects for affordable housing and helping those that need a hand up.

How soon can I eliminate my debts?

This calculator helps you evaluate various strategies for paying off your debt. When one debt is paid off, the payment amount normally applied to that debt is made available for use against another debt. This is referred to as the rollover strategy. Add an additional monthly payment for debt reduction to accelerate the payoff.

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Calculator Results

Using your current payoff strategy, you will pay $687.44 in interest and be debt-free in 17 months. Using the rollover payoff strategy, you will pay $516.70 in interest and be debt-free in 13 months. You will save $170.74 and payoff your debts 4 months sooner by following the rollover strategy.

For the least expensive debt payoff strategy, choose "Highest rate first" and "Use minimum amount due".

Financial Details - Payoff Strategy Comparison Summary
Debt information

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Current strategy

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Rollover strategy
CreditorBalanceInterest Rate

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PaymentMonths to payoff

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PaymentMonths to payoff
VISA$6,000.0015.000 %

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$400.0017$525.00 begins month 113

Calculator tips

This calculator will only compute up to 999 payments.

"Exact days" compounding is used to calculate credit card payments. This is an approximation of the "average daily balance" compounding method that most credit card companies use.

"Monthly" compounding is used to calculate all other debt type payments (car, student, other).

The total of the amount you pay plus any additional monthly payment for debt reduction is used to calculate a budget. This budget is applied to the rollover strategy to speed up payoff. The additional monthly payment for debt reduction is only used in the rollover strategy and is allocated to the highest priority debt. "Use minimum amount" allocates a minimum payment to all but the highest priority debt. This increases the effectiveness of the rollover strategy.

Calculator disclaimer

The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.

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