Construction Loans

There are criteria every borrower must meet to qualify for a mortgage loan with us. This typically includes two years of employment at your job or in the same line of work, a minimum credit score of 620, and verified funds to close on the transaction. Once these boxes are checked, our experts can help you figure out the rest. Loans are subject to credit review.

Your credit score is a vital part of determining your mortgage rate and loan amount. A higher credit score could result in a lower rate and lower monthly payment, while a lower credit score could result in a higher rate and higher monthly payment.

No. A single-close construction loan is for primary residences only. Investment properties and “spec” homes are not eligible.

Ideally, new home construction is completed within about 12 months with a general licensed contractor. If the building process exceeds 12 months, contact your Mortgage Specialist who will advise on next steps.

No. You cannot complete construction work yourself. Your builder must complete all the work.

Yes. Your land purchase can be rolled into your one-time transaction and covered in your single closing.

Once the Construction Specialist receives a draw request, a draw inspection is ordered and upon receipt, an inspection is completed to verify the work completed by the builder. If satisfactory, a check is paid to the borrower. Draws are used for the building of the home and excludes home décor, furniture, and other home furnishings that cannot be financed in the construction loan.