We are pleased to offer a Construction Loan program, which enables borrowers to finance a new home. Our construction loan program offers the convenience of a loan to build your home and the permanent mortgage loan financing when your home is complete, all in one place.
The Construction Loan offers a Construction Draw Period, which enables the lender to disburse loan funds during the course of construction based on inspection of the property and the percentage of completion of the home. Interest only payments are required during the construction phase. Upon completion of the construction and receipt of the final inspection and a certificate of occupancy, the permanent financing options are presented.
Special construction loan documentation is required.
Construction Product
Our Construction Loans offers a Construction Draw Period. During the Construction Draw Period, loan disbursements may be requested based on the completion of construction, an inspection, and the percentage of completion. During the Construction Draw Period, loan payments are interest-only payments and are based on the disbursed balance of the loan.
Construction Documents
Construction 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.
Construction Loan Review Documentation
Plans and Specifications, Material Specifications, Construction Contract, Construction Cost Breakdown, and Survey or Plot Plan if required. Lender review and approval of construction loan exhibits is required.
Please contact our mortgage loan department for a construction loan checklist of required documentation.