Home Construction Loans - Max $350,000 for 25yrs!
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For those of you who would like to build a new home in stages and may not have sufficient collateral as you build, this loan is for you!
Requirements For The Home Construction Loan
- Financing of homes up to $350,000
- Share Contribution 1%
- Term: 25 years max, loan prorated to mature at age 65 years
- Loan payment: up to 4 months loan payment can be waived or only the interest can be paid. 1st full loan payment due at end of 5th month
- Qualifying conditions for contractors apply e.g. T&B License
- 80% of the proposed value of the property accepted as collateral with loan application
- Life/Term & Construction Insurance required
- Disbursements will be done in stages and valuation is required after 2nd drawdown
- Site visits will be conducted by Credit Union
- Non-refundable processing fee of $150
- Penalties: if paid out within 1st yr = 12mths interest; 2-3yrs = 6mths interest; after 3yrs = 4mths interest
**Other terms and conditions apply**