The Construction Permanent Loan offers a construction draw period, which enables the lender to disburse loan funds during the course of construction based on the inspection of the property and on the percentage of completion of the home. Interest-only payments are required during the construction draw period. Upon completion of construction and receipt of final inspection and a certificate of occupancy, the loan transitions into a permanent mortgage loan. At that point, standard mortgage payments are based on the permanent loan interest rate and the loan term begins.
Members may apply and receive online approval for our Construction Permanent Loan programs. Special construction loan documentation is required. Contact a Landmark Mortgage Loan Officer near you to discuss building your new home and to determine the products and rates that match your needs.
Required Documentation
Construction Permanent Loans require additional loan documentation, underwriting and lender review. In addition to standard Credit Underwriting and Documentation, a lender will require documentation on the home to be built and the builder contracted to do the work.
Example of some of the documentation required follows:
Construction Loan Review Documentation
Survey or Plot Plan, Plans and Specifications, Material Specifications, Construction Contract, Construction Cost Breakdown, Building Permits, Septic/Sewer Perc, Utility Permits and Soil Test if required. Landmark's review and approval of construction loan exhibits is required.
Construction Builder Review Documentation
Resume, Articles of Incorporation, if applicable, Contractor's License, Copy of Liability Insurance, Copy of Workman's Compensation Insurance, financial statement, current inventory and tax return. Landmark's review and approval of builder is required.
Please contact our mortgage loan department for a construction loan checklist of required documentation.
Contact Loan Officer
Construction Loan Rates1
Term |
Rate |
APR |
Points |
Pmt2 |
1-Year ARM |
2.500% |
5.286% |
0.00% |
$3.95 |
3-Year ARM |
2.875% |
3.298% |
0.00% |
$4.15 |
5-Year ARM |
3.000% |
3.278% |
0.00% |
$4.21 |
Lot Loan Rates3
Term |
Rate |
APR |
Points |
Pmt2 |
1-Year ARM |
3.625% |
4.005% |
0.00% |
$4.56 |
3-Year ARM |
3.875% |
4.008% |
0.00% |
$4.70 |