Conventional New Construction

Our New Construction Program provides for one closing before construction starts. This program funds the construction as the work progresses and requires interest only payments on the outstanding money borrowed. When the home is completed, the loan automatically converts to a conventional loan. The monthly payments will include principal and interest for the term of the loan selected prior to closing. Land can be used as equity down payment and, usually, the lender requires a minimum of 10% down. This loan enables construction to progress without requiring the builder to finance or fund the Construction.

Construction-to-Permanent Mortgages - combines financing for the purchase of land and construction of a new home with a permanent mortgage.