Planning to build your home?
Construction Loans1
A construction loan is a mortgage that funds the construction of a new home. The loan is closed for the total loan amount, and the funds are withdrawn over time based on how much of the home is completed.
Benefits:
- 1, 3, 5 year ARM loans available
- Primary residence construction available
- Low flat closing fee
Lot Loans2
If you've found the perfect lot to build your dream home, but are not quite ready to break ground, a lot loan is your source of funds.
1 5% down payment required. 9 months interest only - 351 months amortization after interest only. Adjustment could occur after initial term Adjustment is based on 1 Year T-Bill plus margin of 2.75% - caps 2% and 6%. No conversion option.
2 20% down payment required. More than 10 acres must be zoned residential.