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Construction Loan Features
Conventional, kit or
log home construction
financing.
For more information,
please call us at
(800) 543-5600.
We’ll be happy to
answer all of your
questions.
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Purpose: |
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New Residential Construction |
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| Construction
Loan Programs: |
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Owner Builder: Acting as your own general
contractor to build a home. A contractor license is not required.
Custom: Hiring a general contractor to build
a home. |
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Property
Types: |
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Primary Residence: Owner-occupied, Single
family residence
Second Home: Owner-occupied, Single family
residence
Rental Property: 1 to 4 Units |
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Construction
Types: |
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Conventional, log, timber frame, kit, modular * , dome
... even move a house.
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Interest Rates: |
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Variable starting at Prime plus 1. |
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Terms: |
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18 months maximum. No pre-payment penalty. |
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Loan to Value: |
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The maximum loan to value is 65%. |
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Loan Sizes: |
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$50,000 - $415,000
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What makes this home construction loan so easy?
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 Unlimited
draws. (Typically 75 to 150 draws per loan)
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All
draws are ordered online or by phone, email, fax or mail and mailed
directly
back to you, usually the same day. |
There
are no application or draw fees. |
You
can use your own labor. |
It
is O.K. if you don't have a contractor. We don't require one. |
It
is O.K. if the construction has already started. |
After
the completion of the construction,
you are free to refinance with another
lender of your choice. |
You
pay interest monthly only on the amount drawn from
the loan to date. |
There
are no prepayment penalties. |
Build
conventional, kit, modular, timber frame, dome or log...or move
a house! |
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It really is possible to save time and money
when you build your own home!
In the building industry, it is uncommon for a tradesperson or
supplier to get paid the same day their services are rendered. They
usually have to wait an average of 30 days, and sometimes longer
before they get paid from a contractor.
We have designed our home construction financing program with features
that allow you to pay for services right away. Be sure to let your
suppliers and contractors know that this construction loan will
allow you to pay them upon completion of their work.* This will
put you in a better position to negotiate cash discounts and faster
service.
Please feel free to call us at (800) 543-5600
and we'll be happy to answer all of your questions.
* Some restrictions may apply.
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