Types of Loans
New Construction Loans
Build the home you want, financed from lot to keys.
A construction loan pays your builder in stages, called draws, as work is completed. Many programs then convert to a permanent mortgage when the home is finished, so you close once instead of twice.
Who it fits
- Buyers building a custom home
- Buyers purchasing a home from a builder before it is finished
- Owners of a lot who are ready to build
- Borrowers who want one closing for construction and the permanent loan
Key features
- Financing for land, construction or both
- Construction-to-permanent (one-time close) options
- Funds released to the builder in draws after inspections
- Interest-only payments may be available during construction
- Conventional, FHA, VA and jumbo construction options, subject to eligibility
Your builder, plans, budget and timeline are reviewed as part of approval. Eligibility, loan terms, down payment requirements, rates, fees and program features vary by borrower qualifications, property type and lender guidelines. Contact us to see which program fits you.