Despite potentially more complications, lengthier time lines and higher risks, more credit unions have begun financing the construction of new homes.
“There really isn't any rhyme or reason about which credit unions offer these loans,” said John Murphy, mortgage manager for the $453 million Consumers Credit Union in Kalamazoo, Mich., which serves 52,000 members.
“It isn't a matter of size because some of the biggest credit unions, such as Navy Federal, don't make these loans. Credit unions that do so make these loans because they have members and a market looking for them.”
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