job openings  ||  testimonials  ||  f.a.q.  ||  glossary  ||  links
 
 
C O N S T R U C T I O N   L O A N S

Construction-to-permanent mortgage

The Construction-to-Permanent Mortgage gives you the financial power to build your own home -- you can borrow money to build a home from the ground up or to finish building a home that's currently under construction. This loan provides financing from the construction phase through the purchase of your new home. You can enjoy peace of mind by locking in fixed interest rates on both the construction and permanent mortgage financing phases of your home purchase in one convenient loan.

Key Features

  • You can borrow a maximum of 95 percent of the construction cost or the as-completed value of the property, which means your down payment can be as low as 5 percent.
  • You can use this mortgage to purchase the land upon which you will build your home.
  • You save money because there is one set of closing costs, compared to those associated with separate loans for construction and occupancy.
  • You pay interest only on the funds disbursed during construction.
  • This mortgage can be used for construction that's already under way.
  • Construction phases of six, nine, or twelve months, with (negotiated) extensions available up to six months, are allowed.
  • This loan is available for one- and two-unit owner-occupied homes, one-unit second homes, and one-unit investor homes.
  • You can choose a 15- or 30-year fixed-rate mortgage, and you may include the construction phase in these terms.
  • You can also choose 3/1, 5/1, or 7/1 fixed-period adjustable-rate mortgages.