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Single-Close Construction Loan

From groundbreaking to move-in—one easy process.

Call to Apply 1-800-561-9433

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Single-Close Construction Loan


  • As low as 10% down payment
  • One closing before construction starts. When the home is finished there is no need to close again.
  • Get answers to questions from you and your builder/contractor
  • Monthly interest-only payments based on what funds have been given to the builder
  • Similar to a standard purchase or refinance, except the Single-Close Construction Loan disburses funds to the builder at various stages of the construction


  • 12-month construction terms with 90% Loan to Value (LTV) up to $750,000, and 85% LTV up to $1,000,000
  • Information must be provided on the planned home, what materials will be used, and the total cost to complete the project
  • Once the house is finished, the loan automatically switches to permanent financing with the same interest rate
  • Lot equity may be credited toward your down payment
  • Only available in Indiana and with owner-occupied builds
  • You pay only the interest during construction
  • No Private Mortgage Insurance (PMI) required
  • Low fees and closing costs
  • Call 1-800-561-9433 to get started.
Maximum Loan Amount of $1,000,000. All loans subject to credit approval and appraisal. Rates and terms subject to change. This is not an offer to extend credit as defined by Section 1026.2 of Regulation Z.


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Personal Mortgage Guidance

  • Direct line of communication to a Mortgage Loan Originator—your personal mortgage expert1
  • Your Mortgage Loan Originator will be able to answer your questions and the questions of your builder/contractor so that your home construction keeps moving smoothly with no surprises along the way
  • Customized mortgage loan solutions to help you achieve your financial goals

Construct Your New Home

  • Low rates and closing costs
  • 12-month construction term
  • Elements Mortgage Loan Originator will guide you and your builder through the construction loan process

Why Consider Elements for a Mortgage


Elements Financial is a credit union. That means we’re like a bank, only better! Securing your mortgage through Elements Financial means you will benefit from:

  • Competitive rates & fewer fees – On average, an Elements Financial member saves an estimated $309 each year compared to customers elsewhere.2
  • Personal attention – Headquartered in Indianapolis, with member service available 24/7.
  • Today’s technology – We offer online banking, making it easy to pay your mortgage every month.
  • Heritage – With nearly 90 years of experience building and nurturing lifelong relationships with members.
  • Seasoned professionals – Our experienced team will walk you through the mortgage process, step-by-step.
  • Credit counseling – If you're working toward a mortgage application, pursue our confidential and supportive assistance to develop healthier financial habits for life.

Frequently Asked Questions


Q: What are my closing costs for my Elements Financial mortgage?
A: The specific amount of your closing costs will vary. A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. To assist you in evaluating our fees, we've grouped them as follows: third party fees, taxes and other unavoidable costs, and lender fees.

Fees that we consider third party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees. Third party fees are fees that we'll collect and pass on to the person who actually performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees.

Fees that we consider to be taxes and other unavoidable costs include state/local taxes and recording fees. These fees will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume that you won't have to pay it. It probably means that the lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs.

Lender fees such as points, document-preparation fees, and loan-processing fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision.

Q: How can I apply for a first mortgage loan?
A: Nearly 95% of our first mortgage applications are online applications. The online application will ask you questions about your home and finances. If you qualify for online approval, you will get a loan decision in 60 seconds and can then print off your pre-approval letter. After completing your application, a loan officer will contact you and will be your loan officer to help you and provide any support you need along the way. He or she will also be asking you for any information required to make a decision about your loan. We will also order an appraisal and title work. Your loan officer will be available to you at every stage of this process, and your loan status will be available online 24 hours a day. After we have received all of your required information, the appraisal and title work, we'll contact you to coordinate your closing date. Your closing will take place at the office of a title company or attorney.

Q: Does Elements Financial have any deals for first time homebuyers?

A: First-time buyers can purchase a house through our First Time Homebuyer Program without a significant down payment. Further, there's no PMI (Private Mortgage Insurance), a benefit that can translate to considerable savings over time.


Q: Why should I consider getting pre-approved before buying a home?

A: You should contact a Mortgage Loan Originator to see if you can be pre-approved for a loan so that you know what price range you can afford, to evaluate the monthly costs of a mortgage, and to see how much of a loan you can afford. The pre-approval will also give you some leverage when negotiating with the sellers.


Q: How much will it cost me to refinance my first mortgage with Elements Financial?

A: To see the current rates and fees for a mortgage with us, please visit our Refinance Your Mortgage, or you may call 1-800-621-2105 to speak with a financial wellness expert today.

How to Get Started


Call 1-800-561-9433 to get started.

What you’ll need to apply:

    • Your government-issued ID (driver’s license, state ID or passport)
    • Estimates of your household income, assets, home value and price you paid for your home

From application to closing takes an average of 30 days. What to expect during the application process:

  1. We’ll contact you within 1 business day after you submit your application to review documentation that we’ll need from you and answer questions you may have.
  2. We’ll be in close contact with you throughout the mortgage process until final loan approval.
  3. That’s it – your mortgage is complete!

You Might Find Helpful

  1. 1 Nationwide Mortgage Licensing System Registrants: Nationwide Mortgage Licensing System Registrants: Elements Financial FCU 410639, Shawn Adams 1969445, Charles Akinbola 1811812, Barbara L Allen 609733, Luis Aparicio 144043, Lindsey Badanek 724103, Cynthia Bell 427359, Nyla Bivens 1128100, Cassandra Bogaards 894545, Jamie Bonner 435395, Laura Bordenkecher 1590841, April Bratton 1169913, Dawn Michelle Bruce 899516, Julie Bowering 443400, Tracee Buckrop 609727, Karla Chevrie 404630, Eliza Claborn 1826115, Christine Clark 609734, Mary Ann Deckard 1259646, Heather Derbyshire 483140, Ashlie M Dew 539208, Curtis Neal Dodd 200259, Ron E Ellis Jr 1207645, Barbara Fey 489638, Kara Michelle Fischer 1469113, Tami Renee Forsythe 609730, Lenore Gallagher 975065, Sherry Gaw 988244, Emilee Goode 1776621, Robert Goodwin 975067, Quentin Girten 1919653, Abigail Hall 1469114, Mariah Hestand 1809685, Dial Holliday 1436039, Jennifer Hooker 1807696, Theresa Iaria 1128103, Kasey Jones 1942020, Christoper Kerr 143199, Andee Kettlebar 443776, Jill Kidwell 609731, Michele King 1759144, Sara Keedy 1512646, Sean Kiely 425511, Tara Nicole Lambert 883082, Teresa Ledford 444283, Cindy Leisure 1080329, Rebecca Littell 996455, Kristy Mars 609725, Beverly Marshall 444941, Stacey McDaniel 1157444, Alexander J Menestrina 1190426, Beth Moberg 473454, Justin D Montour 1198316, Brooke Moss 1824059, Terri Mossbrucker 1385461, Kristina Mowery 916118, Amber D Murphy 1082684, Mallory Neill 1750269, Constance Nelson 975071, Micha Noble 1950136, Grace Nolan 1840818, Regina Norman 1080327, Shaneka A Pedersen 426201, Meghan Pedigo 1601304, Janene Petree 1529353, Kyle Thomas Plumlee 1930758, Kim Purkhiser 1313210, Tania Query 608383, Rebecca Rice 1007612, Miranda Grace Renee Rizzo 1198315, Janai S Roberts 252636, Susan Roberts 975068, Carol Biale-Schroeder 1863399, Ryan Sebree 1866273, Ron Senci 1068152, Brad Smith 906855, Amy Lynn Stokes 1387213, Brent Tedford 1892880, Bradley Thompson 609732, Samantha White 1849420
  2. 2 Competitive Values are estimated by comparing historical savings and lending rates at Elements Financial and at the five banks and credit unions with the largest market share in Central Indiana; data valid as of 6/30/2019.