The
following are guidelines for Georgia Power NE CU construction loans:
- Construction loans
are processed and administered by Credit Union Financial Services (CUFS)
and its designated agents on behalf of Georgia Power Northeast Credit
Union.
- Initial member
applications and credit review procedures are conducted by Credit Union
staff.
- Members will submit
their plans and specs to the Credit Union for review by CUFS.
- The permanent
financing will be approved for sale on the secondary market (Freddie
Mac) prior to any monies being advanced on the construction loan.
- Maximum amount
is $252,700.00 (the current maximum amount which Freddie Mac will buy).
- Credit Union will
loan a maximum of 80% of the appraised value.
- Maximum maturity
for any construction loan will be 12 months from the initial draw. CUFS
will monitor all draw requests and inspections.
- Construction loans
will be granted only for properties located in the state of Georgia,
due to inspections.
- Members are required
to carry builder's risk insurance during construction.
- Members will be
responsible for all closing costs and fees.
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