Loan FAQs

What is the maximum length of term that a church can borrow?

Up to twenty years.

Can I make payments directly toward the principal?

Yes, you can make principal payments as often as you want in addition to your regular monthly payments.

What are the current loan rates at WIF?

WIF determines a loan rate based on current market conditions on a church by church basis.

What closing costs are involved?

Fees and costs vary based on the amount of the Loan and where the church is located, but usually range from ½% to 2%. Out of pocket costs include title insurance premium, survey, filing fees, and Loan documentation. WIF also charges a ½ of 1% fee on Mortgage Loans, with a $250.00 minimum.

Can closing costs be included in our loan request?

You may include the closing costs into your loan request as long as the closing costs do not put the church over the qualifying amount.

Does WIF fully finance a project? (i.e. 100%)

Financing 100% of the project is rare. WIF wants the church to have an investment or ownership in the project.

What is the maximum loan amount?

There is no maximum. We evaluate the church’s ability to repay the loan.

How long does it take to receive loan approval and receive funds?

Upon receipt of a completed Loan Application, financials, and project details, WIF typically approves the Loan within 7-10 business days. Some Loan approvals require a site visit by WIF. Most Loans are closed and funded within 4-6 weeks of Loan approval.

How are Construction Loans handled?

When the Loan is approved, WIF will establish a predetermined “Draw Period” to allow for Draws to occur on the Loan to pay vendors and/or contractors. When funds are needed, the church will complete a Draw Request and send to WIF along with a project budget update, invoices, receipts, AIA 702/703 forms, lien waivers and progress pictures. During this Draw Period, the church pays interest on the amount Drawn to date or on the outstanding balance of the Loan. Interest payments are paid from Loan proceeds. After the Loan has been fully drawn and/or the project is completed, principal and interest payments commence.

Does WIF refinance existing church loans?

Yes

Does WIF make residential loans to pastors or church staff members?

No, we are chartered to make loans to church entities only.