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Personal Construction Loans

You had the vision, you have the plans and 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 rates, you can afford to build and accessorize your home to make it uniquely yours.

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What Is a Personal Construction Loan?

Construction loans are taken out to cover the expenses of a home building project. These types of loans differ from a home mortgage loan, as you are financing just the costs for materials, labor and anything else that goes into building a home from the ground up. Once your building project is complete, you are expected to take out a home mortgage to pay for the all-new structure.

Taking out a personal construction loan gives you the flexibility to design a new home exactly how you like. Whether there is a specific roofing material you want or professionals have to excavate land prior to building, you can get funding to make your blueprints a reality.

Our experts work with customers in central, northern and southern Ohio as well as central and western Pennsylvania for personal construction loan services. Tell us more about the location of your project, and we'll do our best to help you organize a loan that makes your building project possible.

What is Covered With a Construction Loan in Pennsylvania or Ohio?

A member of our mortgage team will speak to you about the details of your project. Every
personal construction assignment is different, but our personal construction loans in Pennsylvaniaand Ohio help you to cover a wide range of costs:

  • Land
  • Building permits and fees
  • Building materials
  • Labor costs from a contractor
  • New construction closing costs

Understanding Construction Loans

  • Homebuilding 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 timetable, detailed plans and a budget for your home.

Additional Features

  • 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.

What Are the Requirements for Personal Construction Loans?

We will work with you to determine your eligibility for Pennsylvania or Ohio personal
construction loans. Contacting one of our branch locations is a great way to learn more about our process. Typically, we'll run your credit score and assess any personal debt before providing a loan. In most cases, a down payment is necessary to secure your personal construction loan.

Advantages of Personal Construction Loans

There are numerous reasons our customers choose personal construction loans for small- and large-scale building projects. Review the information below to see why a personal construction loan in Pennsylvania or Ohio may be the right choice for you:

  • Flexibility. Personal construction loans let you work according to your building timeline.
  • Spread out payments. The only payments due during construction will be for covering
    interest rates.
  • Save up while building. Your personal construction loan transitions to a mortgage-like loan after building.
  • Transparency. Know exactly how much you can borrow to best plan your construction efforts.
  • Customization possibilities. With our help, there is no need to settle for an existing home on the market.

Why Choose Us for Personal Construction Loans?

Our team wants to improve your financial life and help you build your dream home in
Pennsylvania or Ohio. You can speak to us about personal construction loans and start looking for contractors to begin your assignment. With our competitive lending rates and outstanding customer service, there's no question why customers choose us for personal construction loan services.

Schedule an Appointment With Us for a Personal Construction Loan Today

Looking for more information about personal construction loans in Pennsylvania or Ohio? We'd be glad to meet with you at a branch location near you. Be sure to schedule an appointment with us online at your earliest convenience.

Apply for a Mortgage   See our Rates