LOAN PROGRAMS FOR A CONSTRUCTION LOAN

CONSTRUCTION LOAN

Our Construction Loans are a one-time closing, construction-to-permanent mortgage loan. The loan provides funds for the acquisition or refinancing of an unimproved residential building lot and the construction of a residential, one-family, owner occupied dwelling. At closing, the borrower signs all construction and permanent loan documents. During the construction period the borrower makes only interest and escrow (if applicable) payments. After the home is completed and all construction funds are disbursed, the loan converts to a permanent loan with regularly scheduled payments of principal, interest and escrow (if applicable).

Terms and conditions

  • Maximum loan amount is 90% of the appraised value or 90% of the construction cost plus the lot acquisition cost, whichever is less.
  • There is a 6 month construction period. Monthly interest only payments are based on the amount of construction loan funds actually disbursed.
  • Owner self-contracted projects are not eligible.
  • Sweat equity is not permitted.