Interest only payments while your home is being built – an affordable way to build the home of your dreams.
Building a new home is exciting — the perfect home that fits your personality. We offer expert advice and a variety of Construction Loan programs, allowing you to build the home of your dreams.
Construction Permanent Loans offer the convenience of a one-time loan application, loan approval, document processing and loan closing, covering both the Construction Loan and the Permanent Mortgage Loan.
The Construction Loan offers a Construction Draw Period, in which money is dispersed throughout the course of construction based on inspection of the property and on the percentage of completion. Interest only payments are required during the construction draw period. Once construction is completed and the final inspection and certificate of occupancy are received, the loan will transition into the permanent mortgage loan. At that point, regular mortgage payments based on the permanent loan interest rate and the loan term begin.
Building in the Future?
If you are looking to acquire a lot for the future construction of a residence, a Lot Loan will serve your needs. This loan requires a down payment as low as 15% and has a liberal repayment term.