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Personal


Construction/Permanent Adjustable Loans

With a construction/Permanent Mortgage you get it all. One loan with one closing that provides for the financing to purchase your land, build your home, and when completed will roll into a permanent mortgage!

 

 

 

 

Adjustable

 

Owner Occupied 1 - 4 Family
Effective as of  12/12/2018  
Rates for loans less than or equal to $750,000.
 


With 1 point and a 20% down payment, a 5/5 ARM at 4.250% for 30 years would be repayable in 48 monthly payments of $5.00, followed by 300 monthly payments of $6.09 per $1,000 borrowed.

 

Jumbo Adjustable

 

Effective as of   12/12/2018
Rates for loans greater than $750,000.

With 1 point and a 20% down payment, a 5/5 ARM at 4.750% for 30 years would be repayable in 48 monthly payments of $5.30, followed 300 monthly payments of $6.42 per $1,000 borrowed.

All Interest Rates and program guidelines may change without prior notice. ARM indices based on the weekly average yield U.S. Treasury Securities. Rate may increase after consummation on all Adjustable Rate Mortgages.

1 All above APRs are composite APRs.  ARM Composite APR includes prepaid finance charges such as $83.00 Tax Service Fee, $80.00 Hazard Tracking Fee, $300.00 Processing Fee, $14.50 Flood Certificate Fee and $140.00 Verification of Employment Fee.

PARAMETERS:

  • Interest only on the funds advanced during construction period of up to 12 months
  • Up to 80% financing based on a completed value
  • Appraisal fee: $400.00 single family, $575.00 2-4 family
  • Credit Report fee: $45.40 Joint, $19.75 Individual
  • Flood Certification Fee: $22.70
  • Maximum loan amount: $1,000,000.00
  • 60 Day Rate Lock - other Rate Lock options available

REQUIRED DOCUMENTATION:

  • Complete Mortgage Application Package
  • Plans and Specs
  • Signed Construction Contract with a Licensed General Contractor
  • Copy of General Contractor's License
  • Copy of General Contractor's Liability Insurance Policy
  • Septic System Plans, if applicable
  • Building Permit
  • Signed Purchase and Sale Agreement or Deed

     

    Related Links

    Rates
    Mortgage Calculator
    Home Equity Loans
    Wealth Management

 

 

 

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