Financing

As most of you know, because of the housing market, it is much more difficult to get a home loan, as it should be. It is even more difficult to obtain a construction loan. You would think that with a credit score of over 800, a good debt to income ratio and, by the time construction is complete, at least 40% equity that finding a bank willing to give us a construciton loan would have been easy. We could only find two banks willing to make construction loans with decent terms. Umpqua bank had great terms, but they only offered Adjustable Rate Mortgages.  

Washington Federal is the only bank we could find that is currently offering a 30 year fixed, one-time-close construction loan. The way interest rates have shot up the last couple months, we are very happy we chose Washington Federal. The terms were excellent and they’ve been very easy to work with. It's nice to know there is a bank out there still willing to make good common sense loans. We encourage you to give them the opportunity to earn your business.

January 2011 we recieved a pre-approval, with minor preconditions, for our construction loan through Washington Federal. We should be notified of final approval the 2nd week in February. Since this is the last piece of the puzzle we will certainly publish a post once we receive notification.

Of course, we will be using the same builder that built our garage, Hetterle Construction. If there is one piece of advice I would give, it is to find a good, honest, skilled builder. Jeff and Brenda Hetterle fit this description perfectly. It’s not possible for me to give a stronger recommendation than the one I would give them.  

• Washington Federal (Alyssa or Jami) - 200 E 11th Ave, Eugene, OR 97401. Phone: (541) 686-2134
• Hetterle Construction - (541) 409-6601

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