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.