Construction Loan


If you’re planning to build the a home, you will need a loan that allows you to “draw” money from the loan during the construction period. This loan is used to pay your contractor and subcontractors, then transitions into your approved permanent home loan once the construction is complete.


First Californian offers the convenience of construction loans with long-term financing of up to a 12-month construction draw period, processing documentation, and loan closing. Long-term financing allows us to disburse loan funds during the course of construction to contractors and subcontractors, based on an inspection of the property and the percentage of completion of the home.

Homeowners make payments* during the construction draw period until the loan transitions to full monthly mortgage payment. Upon completion of construction, or twelve months (whichever comes first), and receipt of final inspection and Certificate of Occupancy, the loan transitions into your permanent mortgage loan. At that point, once closed, standard principal and interest mortgage payments, based on the permanent loan interest rate and the loan term, begin.

Apply Online for a Construction Loan


The First Californian application takes only minutes to complete.

There is no obligation to activate the loan, and approvals are valid for 30 days. If your application is approved, you will be contacted by one or knowledgeable loan officers with instructions.

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As part of the building process, in order to obtain a Construction Loan, some steps you may need to perform include:


A completed 1003 application form

Collateral Package:

  • A detailed cost breakdown (First Californian cost breakdown form). Copies of all bids in writing may be required to support cost estimates when concern exists regarding the applicant’s ability to complete the project
  • Construction cost breakdown
  • Detailed plans of the home with elevation
  • Contractor/Builder Package:

    • A signed construction contract, including start and completion dates, and provisions for change orders
    • Current contractor’s license
    • Insurance Bond/General Liability Insurance: covering any harm to people (non-workers) or property caused during the construction process
    • List of trade credit references
    • Project suppliers list
    • Builders Risk Insurance: Covers damage to the unfinished building.

      Typically, the homeowner buys the Builder’s Risk policy, which may convert to homeowner’s insurance when the building is complete

      Financial information supporting the borrower’s ability to qualify for the loan:

      • Most recent (30 days) dated pay stub showing year-to-date gross
      • Two most recent years full tax returns (self-employed)
      • W-2’s for the previous two years (employees or applicants owning less than 25% of a corp)
      • Recent (30 days) depository statements
      • Borrower must qualify for permanent financing at the end of the interim financing period.

        When applicants request interim financing, the loan must be underwritten and pre-approved for the permanent financing, concurrent with consideration for the construction loan.

For additional information, to schedule an appointment, or to begin an application, please contact us today!


  • By phone: Call us at 951.755.5572 or toll free 877.992.8663, Monday – Friday 9 am – 5 pm
  • Visit any of our convenient branches
  • Email us at loans@amucu.org

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