Home Construction Loans
Kitsap Credit Union specializes in the popular All-In-One construction loan. This product eliminates the need for two separate loans, one for the construction and one for the mortgage, with two rates and two sets of closing costs.
The All-In-One loan features a fixed rate with up to 80% financing of the cost of acquisition or appraised value (whichever is lower). You pay interest only for the first nine month construction phase on your amount drawn by the contractor. The loan then automatically converts to a conventional mortgage. The interest remains the same and there are no additional fees.
The rate for which a borrower qualifies may depend upon the borrower's credit score, term of loan, down payment, and past credit performance. This rate schedule sets forth certain conditions, rates, fees and charges applicable to your accounts at the Credit Union at this time. The Credit Union may offer other rates or amend the rates contained in this schedule from time to time.
