Construction-to-Permanent Loan

Construction-to-permanent loans offer the following features to home buyers:

• Interest-only payments during construction
• Fixed construction interest rate for 12 months
• At modification, loan options including: fixed rate, adjustable and interest-only loans

Benefits

Construction-to-permanent loans offer home buyers the following benefits:

• Provides convenience by combining all financing
• Saves money by requiring only one set of closing costs
• Offers security by including a rate protection option
• Allows you to prepay without penalty

Recommended For

A construction-to-permanent loan may be right for you if you:

• Are building a primary residence or vacation home
• Need to buy a lot and build and mortgage a home
• Just need to build and mortgage a home

Eligibility

In order to qualify for a construction-to-permanent loan, you must meet the following requirements:

• Residence must be owner-occupied primary residence or a second home
• Property must be a one-unit, single-family detached home
• Builder must be a licensed contractor

Construction-to-permanent renovation loans offer the following features to homeowners:

• Construction period up to 15 months
• No prepayment penalty
• Interest-only payments during construction

Benefits

Construction-to-permanent renovation loans offer homeowners the following benefits:

• Allows you to keep the home you love while meeting changing needs
• May improve the value of you home
• Offers convenience by combining all financing
• Saves money by requiring only one set of closing costs

Recommended For

A construction-to-permanent renovation loan may be right for you if you:

• Want to stay in your primary home, but need more space or upgrades
• Want to keep a second or vacation home, but want to make modifications

Eligibility

In order to be eligible for a construction-to-permanent renovation loan, you must meet the following requirements:

• Residence must be owner-occupied second or vacation home
• Property must be a one-unit, single-family detached home
• Builder must be a licensed contractor

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