Here are the nuts and bolts of a Workers Construction Loan:
- Pick freely. Choose from a range of fixed and adjustable rate loans. (7/1 ARM and 10/1 ARM)*
- Spend wisely. Benefit from the low rates and closing costs that come with all our mortgages.
- Borrow boldly. Get up to 80% of the total cost of construction and lot purchase price.
- Proceed prudently. Loans give you nine months to complete construction of your home.
- Read carefully. Loans are for owner-occupied residence properties and must be paid off a maximum of 30 years after completion of the construction period.
When You Have Designs on Something Different
It happens to a lot of house hunters. They tour properties for weeks on end and nothing suits their needs. The kitchen is unappetizing. The master bedroom is a snore. And what were the old owners thinking with the purple paneling? The solution can be simple: Build it yourself. A contractor can design a house to the exact specifications that you want. And, with our range of low-cost construction loans, we can do pretty much the same with your mortgage.
Workers Credit Union provides in-person banking services and financial coaching at locations in Worcester, Lowell, Fitchburg, Gardner, Chelmsford, Westford, Groton, Townsend, Lunenburg, Lancaster, Leominster, Athol, Hudson, and Orange, MA.Apply for your Construction Loan online or contact us with any questions.