You mean when the construction costs exceed the loan amount? When construction costs exceed the loan amount, you will be responsible for covering the additional expenses. It’s crucial to have a detailed budget and contingency plan to avoid running short on funds during construction.
Or…
Connect with PDCU’s Mortgage Loan Officer if you need help being talked out of a construction loan.
If your construction costs have already gone over your loan amount, you may still have options. People Driven Credit Union offers secured and unsecured personal loans, home equity loans that may help cover eligible home renovation or project-related expenses. If you have equity in your current home, a home equity loan or HELOC may be worth exploring.
Contact People Driven Credit Union and we can help you review your situation and figure out the next step.
