Owner/Builder Construction Loans Available Now
Hawaii Central Federal Credit Union (HCFCU), parent company of CU Network Services (CUNS), has been in business in Hawaii since 1937. The mortgage lending arm of HCFCU, CU Network Services has a staff with over 20 years experience in the mortgage industry and the flexibility a n d resources to offer a wide variety of loan products.
In addition to conventional fixed rate mortgage loans at the prevailing low interest rates and government back loans such as FHA and VA, we are also able to offer a number of specialized loans that are not offered by every lender, such as owner/builder construction and vacant land loans.
HCFCU is also an expert at offering Home Equity Lines of Credit at no cost up to 90%.
If you are planning to build your own home, an option that more and more people are choosing, an experienced CUNS loan specialist will be able to assist you with the process of achieving your dream home, one designed and built to YOUR specifications and at a considerably lower price per square foot than previous quotes you may have obtained from other contractors.
Our loan specialists have helped to finance many homes for owner/builders and have come across many of the obstacles that home owners face when taking on this project of building their own home.
Let’s say 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 schools – most lenders would not finance the project because of the condition of the home. However, with an owner/builder construction loan from CUNS, you would be able to purchase this home with construction financing in order to either renovate it or tear down and build a new home. Why not choose this route, rather than pay cash for the entire project.
The first step in obtaining an owner/builder construction loan would be to come in and talk with one of our home loan specialists. If you have a property in mind to purchase or already have one in your possession, perhaps an old family home that may or may not be salvageable, we will be happy to go to the site with you and help you evaluate your financing options. For example, based on your income, we will be 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, we will be with you every step of the way to final completion.
The owner/builder option may not be for everybody but if enough time and energy are put in, the satisfaction of completing your own home or renovation as an owner/builder can be both rewarding and lucrative.
Home owners can save anywhere from $10,000 to $250,000 by choosing the owner/builder route. We want to stress that the home owner must have a background in construction or have a trusted friend or family members with a construction background to help them through the process of owner/builder construction.
Membership in HCFCU is required ($100 deposit), but is quick and easy! Give us a call at 529-4599 or come by our office at 681 S. King Street to see if an owner/builder construction loan is right for you or if any of our specialized loans fits your specific needs.