Construction Loans

Looking for that perfect home but can’t seem to find it?

If you have been in the market for awhile and you’re just not finding what you’re looking for, let us help you build it with a construction loan.

Finance your dream home with a construction loan

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  • Borrow up to 95% of the future value of your home
  • Interest only payments during construction
  • Up to 12 month construction term

Loans subject to credit approval. See current rates and terms. Construction financing will require a minimum of a 5% down payment. For example a $100,000 loan approved at 95% of value would require a down payment of $5,000. The minimum payment for a $95,000 loan with a 3.49% APR and 30-year term would be approximately $276.29 for the first 12 months during the interest-only period, and then approximately $426.06 after the end of interest-only period.  This payment example does not include taxes and insurance. Your actual payment may be higher. The monthly obligation will be determined by the total loan amount at the time of closing and the term and interest rate of the loan.

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*Lot Loans: Loans subject to credit approval. See current rates and terms. Lot loans will require a minimum of a 30% down payment. For example a $50,000 loan approved at 70% of value would require a down payment of $15,000. The minimum payment for a $35,000 loan with a 5.75% APR, amortized for 15 years with a 24-month term is approximately $290.64 for the first 23 months of loan repayment and a balloon payment of approximately $37,171.86 for the final payment.  This payment example does not include taxes and insurance.  Your actual payment may be higher.  The monthly obligation will be determined by the total loan amount at the time of closing and the term and interest rate of the loan.

*First Mortgages: Loans subject to credit approval. See current rates and terms. Mortgage financing will require a minimum of a 3% down payment. For example a $100,000 loan approved at 97% of value would require a down payment of $3,000. The minimum payment for a $97,000 loan with a 3.875% APR and 30-year term is $456.13.  This payment example does not include taxes and insurance.  Your actual payment may be higher.  The monthly obligation will be determined by the total loan amount at the time of closing and the term and interest rate of the loan.  See our Loan Calculators for specific examples. You may prepay you loan at any time without penalty.  In the case of Home Equity Line of Credit (HELOC), Equity Loan, or a no-fee first mortgage loan, we may require repayment of the hard costs if the loan is paid off within the first two years.

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