New Construction Loans
A First National Bank Mortgage Construction loan allows the builder to construct your home, while giving you the option to convert to a permanent home loan at the end of the construction project.
You may finance up to 95% of your home’s appraised value or cost
During the construction process, the mortgage borrower pays interest-only payments based on the amount drawn for the loan.
Build Your Dream with a Construction-to-Permanent Loan
- New home construction loans for those who want to build their dream home
- Additions to existing homes adding $25,000 or more
- 60 days from construction completion, qualified borrowers may lock on a fixed 15-year or 30-year loan. There are also a variety of other ARM products to choose from.
- Borrowers must qualify for a loan with existing and proposed housing expenses
- Construction Loans are processed, underwritten, closed, funded, and drawn at First National Bank’s Loan Origination and Processing office
- Progress inspections are completed by an independent inspector prior to releasing funds
- Funds may be wired directly into your construction account
- Unlike traditional construction loans, applicants pay closing costs once with the Construction-to-Permanent Loans. (5/1 & 7/1 ARM products available)