Home Construction & Land Loans
PNWFCU construction loans offer you the flexibility to build your dream home from scratch. With our single-close program, you’ll save on closing costs, you’ll lock in a rate earlier, and you won’t need to re-qualify at the end of the construction process.
Apply Now Rates & Terms Contact UsFeatures of a Home Construction Mortgage
- One-time closing guarantee. Loan will convert to end loan without needing to refinance, saving unnecessary fees.
- Construction period up to 12-month term and will easily convert to an end loan once construction period is complete.
- Interest rate reduction during construction period.
- Interest-only payment during construction period.
- Minimal documentation at time of conversion. We’ll reverify your credit, employment, and income, and that you have a standard hazard insurance policy in place.
- Maximum loan amount $806,500.
- Loan can be used for manufactured home and land purchase or major structural remodeling too.
- We offer a list of approved contractors, or bring your own contractor, terms and conditions apply.
Our construction lending software has been nominated for an award!
- 80% decrease in inspection turnaround time
- 83% reduction in draw time with same-day draw funding
- Remote inspections with live streaming video to save money and validate real-time progress
“Now, with Land Gorilla, Pacific NW Federal Credit Union can fund draws as early as two days. It really streamlines the process and is much more convenient for everybody involved.” – Diane Calvin, SVP/Chief Lending Officer, Pacific NW Federal Credit Union
Land Loan
A land loan is a type of loan that allows you to purchase undeveloped land or property for building purposes. These loans typically have shorter repayment periods than traditional mortgages, and they often require a larger down payment. When applying for a land loan, you’ll need to provide details about the property you’re interested in, including its location, size, and intended use.
Why would you get a land loan instead of a construction loan? If you want to buy land and start building on it right away, you’ll want a construction loan. If you want to buy land but intend to build on it in a year or more, you should get a land loan.
PNWFCU land loan features:
- Maximum loan amount of $250,000
- Available for purchase or refinance
- Maximum 10 acres
- Raw or improved land allowed, must be zoned for residential use
- Minimum down payment of 25% of the purchase price
- 5-year maximum maturity with payments amortized over 20-years for lower monthly payment
More Home Loan Options
Home Equity
Bridge Loan
Home Loan Solutions
A home construction mortgage from Pacific NW FCU lets you build your dream home!
Why choose PNWFCU for your home construction loan? You won’t need to re-qualify for a home loan at the end of your construction process because we’ll know you’re good to go. Our single-close program means you can save money and lock in a rate earlier. Plus, you’ll gain access to great member benefits, products and services.
Pacific NW Federal Credit Union is Your Financial Partner for Life and we want to help you turn your dream home into a reality.
Apply NowRead Glowing Reviews From Happy Homeowners!
★★★★★
“We have worked with Michael on several loans. Mostly Construction loans for our customer we built for. Recently we finance our new personal home with PNWFCU and worked directly with Michael. Communication was great and the loan closed as expected on time and at the cost he quoted. If you’re shopping loans don’t pass up a call to Michael and PNWFCU.”
— Douglas R.
★★★★★
“Michael was absolutely great! He was able to help us gather the necessary documentation for our loan quickly so we were able to close in less than 39 days! That is no small feat. He is organized, knowledgeable and calming. He was on task and matter of fact so that everything was completed as needed. Actually, before needed. I would use him again and again. We will be transferring our finances to PNWCU we are so satisfied with Michael and everyone we dealt with.”
— Mark S.
★★★★★
“Mr. Bradshaw came highly recommended, and did not disappoint. He quickly scheduled an appointment, was warm and engaging in person, and remained responsive during the HELOC application process. Five stars!”
— Shane
Speak to a Mortgage Loan Consultant
Ready to get started? Apply online or contact Michael, available by appointment at any branch.
Michael Bradshaw
Mortgage Sales Manager | NMLS #192893
503.258.2618 | Toll Free 800.444.5858, ext. 2618
[email protected]
See what Michael’s members are saying about him online.
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