If a shortage of cash is the major obstacle to creating your dream home — whether it be remodeling your existing home or building a new one — that problem can often be solved at Hawaii Central Federal Credit Union (HCFCU).

HCFCU has the resources to provide a variety of loan products to finance a wide range of building projects. Its experienced home loan officers will work with you on a personalized loan program that best fits the project you are planning.

Construction loans

Owner/builder construction loans are one of HCFCU’s specialty loan products, and they are becoming increasingly popular with both long-time and new members. This innovative loan program is one of the best options for homeowners planning to demolish their current home and build a new one. It can save tens of thousands of dollars off what you might be paying through a bonded contractor.


With different construction loan programs available, you also have the option of working with a bonded contractor. Once approved for the appropriate construction loan program, funds are disbursed as the work progresses and the borrower has the option of interest-only payments during construction.

When dealing with new construction, it is essential to work with a professional who will be there for you every step of the way. Your HCFCU home loan officer will visit the site to oversee each phase and make sure the work is moving along as scheduled. Also, all HCFCU construction loans are processed and funded locally, meaning the needed funds are provided in a timely manner.

Since this program became available, HCFCU has provided financing for numerous owner/builders islandwide.

Vacant land loans

With just 20 percent down, you could qualify for a loan to purchase vacant land. HCFCU is one of a few lenders that can issue a land loan with these terms. Why choose a land loan? Perhaps you have found a vacant lot that is just the right size and location for your new home, but you’re not ready to build. When the time is right to start construction, you can then apply for an owner/builder construction loan. Since your documentation will already be on file, HCFCU will be able to streamline the application process and save you time.

Home equity line of credit


In many cases, your home’s built-up equity could be the best source of financing for remodeling projects. With a Home Equity Line of Credit (HELOC) from HCFCU, you are able to put that equity to work for you and turn it into accessible funds. Instead of limiting your renovation project to just cash on hand, a HELOC allows you to access your home’s equity as needed through a revolving line of credit. At HCFCU, we can make money available for your project in as little as two weeks. Check with a tax adviser to find out if your HELOC interest will be tax-deductible.

Cash-out refinance

You can also take advantage of the equity you have built up in your home by refinancing your current mortgage balance to produce the cash amount you need for your renovation rather than taking out another loan to finance the project. With this refinance option, you maintain just one monthly payment.

Whatever your goal is, whether to rebuild a home from the ground up or to upgrade your existing home, it is important to be aware of all your options. The home loan officers at HCFCU can help you choose the right program for your project and budget. As a not-for-profit organization, HCFCU can offer more flexible terms and lower fees than other financial institutions. If you are ready to build or remodel, start by calling HCFCU at 536-3677 for a free pre-qualification consultation, or visit them at 681 S. King St.

Home loans are provided by CU Network Services, a wholly owned subsidiary of HCFCU.

contact // 536-3677
address // 681 S. King St.
web // www.hccu.info