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Advantis Credit Union's West Linn Branch has Rehab Loan program available for customers



TIDINGS PHOTO: VERN UYETAKE - Alaina Baldwin works on a mortgage for a customer.The summer months are generally the time of year when home lending reaches its peak. That’s especially the case this year, as interest rates are at historic lows and have spurred homeowners to refinance current mortgages as prices of their homes rise.

This trend is particularly true at Advantis Credit Union's West Linn branch, which has seen a spike in its mortgage lending in the area according to Casey Filburn, director of mortgage lending at Advantis.

“The Portland metro area is one of the fastest growing markets in the PHOTO BY VERN UYETAKE - Teller Joe Garibay stand ready to serve a customer.country and as new residents move into our area, they are looking for homes to purchase,” he said. “This increased demand combined with the traditional buying season has created a shortage in local inventory, which in turn, has created a very competitive sellers’ market throughout our area.”

As interest rates continue to lower and demand for housing in the area increases, Advantis Credit Union, located in West Linn’s Central Village, has coped by providing a variety of special deals for its customers.

One such program is its “Rehab Loan” program, which allows for Advantis Credit Union borrowers to purchase a “fixer-upper” house with the simplicity of one loan — instead of having to refinance after renovations. By looking at the “after project” value of a home following the completion of renovations, Advantis Credit Union can give a loan that allows for homeowners to “think big and create their dream home,” Filburn said.

The program also applies to homeowners looking to renovate and refinance existing loans based on the future value of their homes. Because it’s currently a sellers’ market, the ability to renovate is an option more and more people are considering, which is what makes the Rehab Loan program attractive.

In addition to financing homes, the Rehab Loan program can be used for Accessory Dwelling Units, as well, providing the West Linn community with more housing options. While ADUs are more popular in the larger Metro area, specifically Portland, the option is available in West Linn, too.

“We saw this as a way to help create affordable housing alternatives for the community, while also creating viable housing alternatives for evolving and changing family structures,” Filburn said. “We are seeing more members take advantage of these types of loans as they care for aging parents at their homes, as well many millennials electing to stay with their parents longer into adulthood.”

You can learn more about the Rehab Loan program and other Advantis Credit Union special programs from West Linn mortgage loan officer Alaina Bladwin located at Advantis Credit Union’s West Linn Branch or at their website, Advantiscu.org.

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