With a single-close construction loan, you’ll have the funds you need to purchase land and construct your home all with one loan. The home construction loan offers an interest-only payment during the construction and the opportunity to modify your loan prior to transitioning to permanent financing. The construction loan also allows for those who currently own land to take advantage of any potential land equity they have built.
- 20% minimum down payment (land can be used as equity)
- Fixed rate or Adjustable 5/1 ARM
- Interest only payments during construction on funds disbursed
- Stick build or modular construction
- 12-month construction period
- Builder approval required
