Information and Alerts

Construction Loans

Build your dream

Develop a haven of your own

The perfect spot. The perfect home.

Are you planning to complete construction within 12 months? Is your build site in Utah or Idaho? If so, Deseret First can help you throughout your loan process. Our Loan Officers have the experience and resources to make it simple and affordable. So go ahead, build that secret passageway!

See what DFCU can offer you:

  • Monthly inspections to ensure progress
  • Conventional loans available for long-term financing
  • Lien release checks to protect ownership of your home
  • No out-of-pocket payments during construction
  • Include your lot as part of the loan
  • Available for primary or secondary residences
Start Building

Mortgage Rates

What does it take to build your own home?

Are you interested in building your own home, but not sure what it takes? Not to worry, we’ve taken members through this process hundreds of times. That’s why we can help you each step of the way. Here’s a brief overview of what you’ll need and what will happen.
Number 1
The first thing you’ll need to do is create a set of house plans. You can hire an architect, find one online, or select a larger builder. You’ll also need a contractor to actually build your new home. Once you have the necessary help, we work together to create an itemized budget.
Number 2
After your budget is complete, we can finish your loan & the work gets started! During the construction phase, you and the builder will submit construction draws. These are periodic payments to your contractor as they create the home.
Number 3
Each month of the build period, Deseret First will perform inspections. In detail, we check that the work done matches up with the money drawn out. Not to mention, making sure the actual build is following the architect’s plan!
Number 4
Finally, welcome home! Once your new abode is complete, you may want to consider long-term financing. In particular, we offer 15 and 30-year loans to pay off the construction loan.

One-Time or Two-Time Close

One-Time Close

Only sign one set of documents and close on one loan.


  • Choose between a 9 or 12 month construction term
  • During the construction period, payments are interest only and made from the loan proceeds
  • Choose between 15 and 30 year long term
  • Lock your long term rate at the beginning of construction
  • Draws and underwriting are done locally.

Two-Time Close

Close on two loans, one construction loan and one for long term financing.


  • If you aren’t sure how long it will take to complete, extensions (at a cost) are available
  • Cost overruns can be covered with the long term financed (in applicable scenario’s)
  • Long term rates could be lower when the home is complete

Loan Requirements

You’ll need:

  • membership and eligibility
  • credit approval
  • a licensed contractor
And we can help you get there! With so many options available, let Deseret First help find the right loan for you. Schedule an appointment or call a Deseret First Mortgage Officer at 801-456-7088 or 800-326-3328 ext. 7088. Available Mon-Fri 8:30am–5:30pm.
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