Visit Towne Insurance Fraud Protection /*-->*/. Send us a message Additional contact options Schedule an Appointment Login LOGIN Choose Login Online BankingCredit CardAdvisory ServicesYour MortgageOrder ChecksLogin IDPlease enter a Login IDPasswordPlease enter a Password They are typically short-term loans that cover the cost of the construction process, including labor, materials, and permits. Only pay the closing cost once, Lock in your rate upfront and avoid interest rate risk, 3.5% Down up to FHA County Limits ($356,362-822,375), Loans must include building no Lot/Land Loans, NO log homes or metal homes (barndominium). How does a construction loan differ from a mortgage loan? A land loan allows you to purchase a lot and stake your claim before you ever begin to think about construction, alleviating a few of the unknowns that can come along with a new home build. . The total loan amount is based on the value the home will have once the construction work is done. Need help financing a new home purchase? APR is 8.34%. Conventional, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; construction and renovation loans; flex-term; reverse mortgage, 620 for conventional loans; 500 for FHA loans; 700 for adjustable-rate mortgages; 620 for renovation loans, Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; investment property; interest-only, 620 for conventional loans; 740 for jumbo loans, Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity line of credit (HELOC), home staging line of credit; construction and renovation loans, Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; investment property, 620 for conventional loans; 700 for jumbo loans; 500 for FHA and VA loans, 3% for conventional loans; 3.5% for FHA loans; none for VA or USDA loans. Borrowers can apply and track loan status online. Good for: borrowers who want a wide range of choices not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone. . Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. How much should you contribute to your 401(k)? Construction loans can be complex, which is why its best to work with a lender who has experience with this type of mortgage. We'll explain the options available, so . All that work. Participates in first-time home buyer assistance programs in Illinois, Indiana and Wisconsin. Finally, you can choose to register and activate your browser for later use or give onetime access on the computer you are using. 2023 Bankrate, LLC. But this compensation does not influence the information we publish, or the reviews that you see on this site. Loan approval is subject to credit approval and program guidelines. Member FDIC. One of the most common ways Part of being your community bank in Pinehurst means offering a variety of services that meet the needs of individual community members. Construction loans have flexible terms and can be either short-term or long-term, depending on your specific needs. Construction loans can be used for various purposes, including building a new home. [CDATA[/* >