Flexible fixed and variable rate options are available. Loan is setup with interest-only payments until conversion to permanent financing when home is completed.
We can lend up to 95% of the total cost of new construction, subject to qualification.
We will need asset documents, credit documents, and income documents. Other documentation may be required based on your application information. We will also need information on the construction such as plans and specs and builder information.
You can be pre-qualified in as little as 30 minutes by working with one of our construction loan experts.
Because we offer a one-time close, you will enjoy the benefits of reduced closing costs and other fees. We charge a $250 construction fee on loan amounts up to $750,000 and $500 on loan amounts greater than $750,000. Inspection, title update, and survey fees will also be required in addition to standard mortgage fees such as appraisal and title insurance. Reach out to your MLO for a customized closing cost estimate.
Under a construction-to-permanent loan, you borrow money to pay for the cost of building your home and then once it is complete and you move in, the loan is converted to a permanent mortgage.
Yes, you can set up automatic payments during both the construction phase as well as once your loan converts to permanent financing.
If you already own the land, your loan amount will only include the funds needed to build your home.
A detailed payment plan for a construction project. Payments to the builder will be made as work is completed.
Your own funds collected at closing will be used for the initial payment to the builder until funds are drawn from your construction loan. Until this first draw, you will not have a payment. Once funds are advanced from your construction loan, you will begin making interest-only payments every 30 days for the duration of the construction.
Yes, we have a variety of product options that may be available to purchase land for you to build on at a later time.
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