Flexible Financing Solutions for Your Construction Needs
Our construction loan options are designed to support your home building journey. We provide flexibility, competitive rates, and expert guidance to help turn your vision into reality.
Streamlined Financing Process
One loan covers construction and transitions to a permanent mortgage, with repayment options including an adjustable-rate mortgage (ARM).
Interest-Only Payments During Construction
Manage your budget with interest-only payments during the construction phase.
Flexible Disbursement Schedule
Receive funds in stages as construction milestones are achieved, ensuring you have the resources when you need them.
Local Expertise and Support
Benefit from local market knowledge and dedicated support throughout your project.
Loan Details
| Loan Feature | Details |
|---|---|
| Loan Types | Construction-to-permanent, stand-alone construction, and renovation loans |
| Loan Term | Typically 12 months for the construction phase |
| Interest Rates | Variable or fixed rates available |
| Payment Structure | Interest-only during construction; principal and interest after conversion |
| Down Payment | Typically 20% of the total project cost |
| Disbursements | For construction-to-permanent financing product requests, funds will be released in stages, with each disbursement tied to the completion of specific project milestones. |
Apply for a Construction Loan Today
- Initial Conversation
- Meet with a loan officer to discuss your project and financial needs.
- Application Submission
The documents listed below are not required to apply for the loan, but may be required during the loan process and after receipt of a Loan Estimate. For more information, please contact a bank representative.- Personal Identification: Government-issued ID and Social Security number.
- Financial Information: Recent pay stubs, last two years of W-2 forms, tax returns, and bank statements.
- Project Documentation: Detailed construction budget, project timeline, architectural plans, construction contract, builder’s license, and insurance.
- Other Documentation: Homeowners insurance policy and any required permits or zoning approvals.
- Approval Process
- Undergo credit approval and project appraisal.
- Loan Packet
- Sign the loan package.
- Start Construction
- Begin your project with scheduled inspections and fund releases.
Frequently Asked Questions
A construction loan is a short-term loan used to finance the building of a new home or major renovations.
The loan funds are disbursed in stages as the construction progresses, with interest-only payments during the building phase.
This loan initially funds the construction and then converts to a permanent mortgage once the project is complete.
All loans subject to credit approval, see bank for full details.
Yes, construction loans can be used for significant home renovations in addition to new construction.
It’s important to budget accurately. If costs exceed the loan amount, you will need to cover the additional expenses out-of-pocket or through other financing.
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