Coordinator will send your loan to the funding department.
You may make principal reductions at anytime, but those funds will not be available to be re-advanced later. The borrower will receive a bill approximately fifteen 15 days before payment is due. Principal reductions may be made at any time without incurring a penalty. Upon verification of work completed, we will disburse funds.
Our preference is to deposit funds into a checking account. Funds are disbursed for completed work only based on the inspector's report. Payments are interest only based on the outstanding principal balance. You may choose your own builder, but they will need to complete our builder application. There may be additional fees if you exceed the standard number of inspections and draws. Blueprints with complete dimensions and four exterior elevations shown. You may take principal reductions anytime without incurring a penalty. These plans should be clearly marked and should reflect any final revisions.