Buying A Piece Of Paradise

With the median price of single-family homes on Oahu hitting a record high of $719,500 and a decreasing inventory of lower-priced homes, how can anyone afford a home in their price range? While it seems that old homes in poor condition or development homes that aren’t in your ideal neighborhood are your only options, there may be one more option to owning your new home that is within your budget, which is to build a brand new custom home!

The idea of building your own home may sound intimidating and too expensive, but with an Owner/Builder Construction Loan from Hawaii Central Federal Credit Union, you could save thousands of dollars without having to settle for a home that is currently listed.

Here are some of the key benefits of an Owner/Builder Construction Loan from Hawaii Central Federal Credit Union:

Appraisal Value Based On Completed Home

Each Owner / Builder Construction Loan is funded based on the construction costs, making it an ideal option to rebuild, do major renovations on an existing home or constructing a new dwelling on vacant land.

Interest-Only Payments

Owner/Builder Construction Loans are typically short term loans of up to one year with interest only payments during the construction process.

Continuous Assistance Throughout The Construction Process

Each Owner / Builder Construction Loan is customized to fit your project, and varying amounts of funding are disbursed during each phase of construction. Your loan officer is with you every step of the way and will provide you with quick turnaround times from start to finish.

Local Servicing And Funding

All Owner / Builder Construction Loans are processed and funded locally. This means that needed funds are made available to you in a timely manner to help get your construction started promptly.

Whether you’re looking for your first home or a bigger space to accommodate a growing family, you have more options than you think. Or, if you aren’t ready to begin building your home, Hawaii Central

Federal Credit Union also offers Vacant Land loans with a 20% down payment.

Hawaii Central Federal Credit Union has funded numerous construction projects with more than $30 million in construction and vacant land loans since their programs began in 2010. Experienced home loan officers understand the process and obstacles borrowers often face during the course of building their new home.

To find out if an Owner/ Builder Construction Loan is the right fit for you, or for more information, call Miles Kimhan at 783-8333 or visit Hawaii Central Federal Credit Union’s office located at 681 South King Street.

Federally insured by NCUA

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