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I want to build my own
house

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Construction Loan Programs

 

The purpose of a construction loan is to fund the costs associated with the construction or renovation of a building and to fund the interest on the loan during the construction period.

Upon completion of construction, permanent financing will be secured to retire the construction loan.  Generally, any of our standard long term mortgages may be used to pay off the construction loan.

Construction Loan Basics:

  • Loan-to-value: Up to 80%
  • Construction term: generally 6-12 months
  • Loan To Construction Cost: Up to 80%
  • Interest-only payments during construction period
  • Construction to perm with a one-time close available when requirements are met
  • General Contractor or equivalent experience is typically required
  • Construction draws are typically issued monthly after property inspection

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    I don't have much money saved up for a downpayment

    I want to buy a fixer-upper

    I am a military veteran or actively serving.

    I have past credit history problems.

    I want a mortgage I will pay off in 30 years.

    I want a house that is over $424,100

    I want to downsize.

    I want a mortgage I will pay off in 15 years.

    I am 62 or over and don't want a mortgage payment.

    I want to purchase a 1-4 unit investment property.

    I want to live in a rural area.

    I want to build my own house.