Loans to Build a New House - Construction Loans
You had the vision, you have the plans, now all you need is financing to get your dream home under construction. That’s where we come in. We may not be able to help with choosing paint colors and faucets, but with the right construction loan, you can afford to build and accessorize your home to make it uniquely yours.
Understanding Construction Loans
- Home building loans typically have interest-only payments while your home is under construction. These payments then convert to a permanent loan with a fixed or adjustable rate depending on your needs.
- When you sit down with our mortgage team, be sure to have a construction time table, detailed plans, and a budget for your home
- The equity in your lot may be used as part of your construction loan down payment
- Financing is available up to 95% loan-to-value based on conventional loan amounts. Your loan-to-value is calculated by dividing the loan balance by the value of your property.
- Jumbo products are available
- Construction disbursements (draws) are processed locally