At HCU, we make it easy to apply for both Permanent financing and the Construction loan at the same time. The Construction loan is granted based on the approval of your permanent financing. We take care of both stages of financing your new home. We reserve the right to finance a lower percentage. Money is disbursed by draws at specific phases of construction.
Most contractors prefer to be paid monthly.
At the time of each draw, HCU will inspect the property. Also at each draw, interest payments are required to cover the accumulated interest. Principal payments are optional.