Build Your Dream Home With An Owner/Builder Construction Loan
President of CU Network Services
As the real estate and business lending subsidiary company of Hawaii Central Federal Credit Union (HCFCU), CU Network Services has carried on the credit union philosophy of “People Helping People.” Even with the challenges of today’s economy and uncertain future of the housing market, CU Network Services is able to find innovative ways to help members achieve their financial goals, including becoming a home owner.
Unfortunately, the high prices of homes in Hawaiii can be discouraging to a potential buyer. But, what about building your own home? A CU Network Services “Owner/Builder Construction Loan” has become a popular option. If you or a trusted friend or family member has a construction background, this loan program will enable you to build your own dream home, one designed and built to your specifications and at a considerably lower price per square foot than comparable homes on the market.
CU Network Services Loan Specialists are experienced in financing home building projects for owner/builders – they understand the process and the kind of obstacles the borrower will have to deal with on the way to completion of their own home.
For example, if you have found a tear-down or fixer-upper on a lot in a neighborhood you like because of its convenience to a workplace or school, you will probably also find that most lenders will not provide financing because of the condition of the home. However, an Owner/Builder Construction Loan would make it possible for you to purchase this home with the objective of rebuilding it or tearing it down and building a completely new home.
This very specific type of financing is a specialty of CU Network Services. To find out if it will work for your project, make an appointment to sit down with a CU Network Services lender. If you have located a property you wish to purchase or already have one in your possession, such as an old family home that may or may not be salvageable, a lender will go to the site and work with you to evaluate your options as an owner/builder.
Based on your income and credit rating, they will able to give you an idea of what size of loan you might be able to qualify for. If the project is feasible, the next step would be to obtain plans and permits for your renovation or new custom home. Once the project is approved, and the financing is in place, the loan specialist will be with you every step of the way to final completion.
The owner/builder option may not be for everyone. But if you and your project qualify for the financing, you will be on your way to owning a home that has been designed to meet your specific needs, and for considerably less than what you would have paid for a new turnkey home on the market.
To learn more about the Owner/Builder Construction Loan, or any of the other loan products available, call 529-4599 or visit the CU Network Services office at 681 South King Street next to the HCFCU lobby entrance.
Home Loans are processed by CU Network Services (NMLS #375459), a wholly-owned subsidiary of Hawaii Central Federal Credit Union (NMLS #412820).