DENVER–Westerra Credit Union said it has launched a “groundbreaking financing program” that streamlines loans for new home construction or renovation projects.
Called the “One-Time Close Construction-to-Permanent Loan,” Westerra described the offering as a “hassle-free solution” for homeowners who, traditionally, faced the daunting task of securing separate loans for construction and permanent financing.
“With this unique loan program, members benefit from a simple, efficient and cost-effective financing experience,” Westerra CU stated.
The credit union noted that during the construction period, which typically lasts between 12 to 18 months, the One-Time Close Construction-to-Permanent Loan operates on an interest-only structure.
“This allows homeowners to save money by only paying interest on the amount used during construction,” the CU said.
‘Smoothly Converts’
After completion, the loan “smoothly converts” to permanent financing (subject to Westerra's underwriting requirements), according to WCU.
“Our One-Time Close Construction-to-Permanent Loan is a testament to helping our members’ dream homes come to life,” said Jeff White, Westerra's director of mortgage development and sales. “We take pride in being a local credit union, which gives us an understanding of the market, and the needs of our members compared to larger banks that process loans out of other regions."
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