Construction/Permanent Loan
When you’re building your own home rather than buying an existing one, you can customize it to make it exactly what you’ve always dreamed. But building a home costs money too, and one way to pay for it is with a construction loan. Construction loans are typically short term with a maximum of one year, and have variable rates that move up and down with the prime rate. But once construction is completed, the loan can roll into your permanent mortgage easily and without a hassle.
REQUIREMENTS
All new account applications are subject to approval; a review of your credit history may be used.
WHAT YOU NEED TO APPLY
- Two recent year W-2s
- Two recent year tax returns
- One month of recent pay stubs (if applicable)
- Two months of recent bank statements
- Signed purchase contract (if available)
- Additional documentation upon request
