Want to build your dream home?
Our construction loans cover the financing of your new lot (if necessary) and construction of your new home. Our loan offers a construction draw period, which enables the loan funds to be disbursed during the course of construction based on an inspection of the property and on the percentage of completion of the home. Interest-only payments are required during the construction draw period based on the amount of money drawn on the loan.
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.
Construction Loan Rates1
| Term |
Rate |
APR |
Points |
Pmt2 |
| 1 Year ARM |
5.250% |
6.638% |
0.00% |
$5.58 |
| 3 Year ARM |
5.250% |
6.404% |
0.00% |
$5.58 |
| 5 Year ARM |
5.500% |
6.311% |
0.00% |
$5.73 |
Just interested in purchasing land?
We also offer lot loans that finance the purchase of a piece of land. This is a great option for people interested in purchasing their ideal homesite now but want to hold off on the construction of their dream home until a later date.
Lot Loan Rates3
| Term |
Rate |
APR |
Points |
Pmt2 |
| 1 Year ARM |
6.500% |
6.704% |
0.00% |
$6.32 |
| 3 Year ARM |
6.500% |
6.683% |
0.00% |
$6.32 |
Getting started with the application process
We suggest contacting a Mortgage Loan Officer to start the process before applying online. Our loan officers will help you decided which loan option is right for your purchasing needs.
The online application will require additional loan documentation, underwriting and lender review. In addition to standard Credit Underwriting and Documentation, we will require documentation covering the home to be built and the builder contracted to do the work.