We know that building a custom home may be one of the biggest financial decisions you will ever make. Since 1917, Washington Federal has been helping our community by making loans to families who wish to build or buy homes. Today, custom construction financing is a significant part of our business.
The following is an excerpt from the third chapter of our eBook, Building a Custom Home: What you need to know about custom construction financing.
We hope that you find this information useful in helping you to better understand how Washington Federal and our All-In-One Custom Construction loan can help you finance your new custom home. If so, please download your free copy of our eBook to learn more about the custom construction process.
Washington Federal specializes in construction financing.
We understand that our clients are not just clients, they are our neighbors. If you choose Washington Federal for your home loan needs, you will have a dedicated branch manager who will meet with you one-on-one and face-to-face. The same person will handle your loan from start to finish. We don’t pay on commission, so we’re free to give you the personal attention and customized advice you deserve.
Consider our “all-in-one” loan.
Unlike many other banks, Washington Federal offers an All-In-One Custom Construction loan. With our all-in-one loan, there is only one application, one closing and one set of fees. You will not have to get a loan for the construction of the home only to have to come back and get a second loan after the home is complete. The entire project is underwritten at the same time. And you will be locking in your permanent rate before you even break ground, giving you additional peace of mind. We even give you the option to lock in your interest rate during processing for up to 90 days (deposit required). Please note that rates can change daily.
When you are building a custom home, we allow 12 months for interest-only payments on the funds you have drawn to date as your home is being built. Upon completion, we roll your loan into a fully amortizing loan with principal and interest payments spread over 30 years. We also offer a 15-year term option. Construction of your home will be paid for by doing monthly draws from your total loan amount based on the percentage of completion. We do site inspections ourselves and handle the draws right from your neighborhood branch. By doing our own draw and inspections, we can save you both time and money.