**OAC - On Approved Credit. THE RATE YOU RECEIVE DEPENDS ON YOUR INDIVIDUAL CREDIT HISTORY.
We recognize that building a new home can be overwhelming to buyers without the right help. We have developed a construction loan program to help keep the financing simple for you or your customers that own or are buying their own lot. This loan is a true One Loan – One Closing. This means one set of loan documents, which saves time and money without having to re-qualify or re-appraise. It will give Peace of Mind for you or your customers. A FIXED INTEREST RATE is available and locked at the beginning for the construction and long term financing. You or your customers do not need to end up with an adjustable rate mortgage unless you or they choose that option. Not only that, but an interest rate Float-Down Option is available to you or your customer if interest rates are lower at the end of construction.
In addition to the Construction Permanent Loan Program, we now offer our builder members financing for their spec or pre-sold homes. These loans are usually set up with a one year maturity and a variable rate. The loan to value depends on whether the home is spec (not sold) or pre-sold (sold). What sets our program apart from others is our quick response and local service.
In addition to a having good programs for you or your customers, we realize it needs to meet your needs as a builder. Being local means that all decisions, processing, and draw requests are done right here in our office. This means quick response for you or your customers for loan decisions and draw requests. No more 5 day advance notice for draw requests! In most cases we can process a draw request the same day or within 24 hours.
For those members that want to purchase a lot now, but do not want to build for a few years, we now offer a Lot Loan Program.
Please contact Denis at the Orchards Branch if you should have any questions on these programs.
Denis Hackwith
e-mail: dhack@p1fcu.org
Phone: 208 746-8900 or 800-843-7128 Ext 2121
Construction Loan Specialist Located at: – 1015 Warner Avenue, Lewiston, Idaho 83501
Member-Lewis Clark Building Contractors Association
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