Purpose: New Construction Financing

Term: 5/6 years

Max Loan Amount: $766,550

Max Loan to Value (LTV): 95%

           Intro Rate locked for 60 months, then adjustable up to 1.00% annually, with 5% life time cap.

           Higher Loan to Values (LTV) also available, rate and fees may be different.

Our construction loans allow you to draw funds as you build, paying interest only on the current balance. In addition, we offer the ability to lock in a long-term fixed rate when you start to build with a 30 year fixed rate or various term ARMs.

ARM’s are normally available at lower initial rates with the potential for rate and payment adjustments at varied term intervals. Future market conditions can influence rate changes, however; built in rate caps and margins provide a measure of security and limited increases over the life of the loan. ARM’s can be amortized up to 30 years. Private mortgage insurance is required for loans with less than a 20% down payment.