Page 13 - Sonoma County gazette September 2018

Fire Lot FOR SALE...Now what?
LOT LOANS are hard to find, as not many lenders offer such products. The scant offerings usually come with high interest rates and short terms with which to pay back the loan. Local not-for-profit Community First Credit Union has crafted a new real estate loan to help local residents purchase lots burned- out during the recent firestorms. The funding allows them time and money to pursue plans, permits and people to rebuild on the property.
Lot Loan, Community First amortizes payments over 30 years, much like a traditional conventional mortgage. This gives residents who are rebuilding enough time to round up all plans, permits, and construction contracts. Upon completed construction the rebuilt home then qualifies for a traditional final mortgage –– which would then pay off the lot and construction loans.
“Sadly, more than 8,000 homes were destroyed in our market area in October of last year. In this current month,
the Mendocino Complex Fire has destroyed another 140 homes. We felt we needed
to do something to help the communities we serve rebuild, and to get families back to
their homes. Getting plans and permits can take many months. Additionally, with such a critical shortage of contractors and construction crews, it could take years before everything
is hammer-ready,” Monika Besancon, Chief Lending Officer at Community First.
To keep the interest rate low on its 30-due-in-15
9/18 - www.sonomacountygazette.com - 13