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Why Get Two Loans to Build One House?
If you’ve always dreamed of building a new home, or adding a master suite, second story or new kitchen to your existing home, Washington Federal’s All-in-One Custom Construction Loan can make it happen. Click here for a Construction Loan Application Checklist.
- We underwrite the entire project at one time, wrapping construction and permanent financing together.
- No second loan, no dual fees, no wasted time or effort.
- Make one payment on a single, fixed-rate loan.
- Lock in your interest rate during processing for up to 90 days, so if rates go up, you’re protected.
- Make interest-only payments during construction.
- Borrow up to 80% loan-to-value based on construction and land costs.
- For major remodeling, the loan-to-value can be based on the estimated value of your home after improvements. You’re not limited by your current equity.
- We do our own draws and inspections, saving you time and money. Monthly draws are usually free (not available in TX).
- Owner/builder borrowers considered (not in TX).
- Simply convert to a permanent loan after construction with no change in interest rate.
- Looking to build on acreage? We can handle it.
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