DO YOU NEED A CONSTRUCTION LOAN TO GO WITH THAT DRAWING? WE GOT YOU COVERED!
When you are building your dream home you need a solid lending partner to provide you with clear guidance and expertise. Born in the financial arena, and trained for decades in the art of lending, HomeWay Mortgage can easily guide you toward making your dreams a reality.
TYPES OF CONSTRUCTION LOANS
ONE-TIME CLOSE
The Interest Rate is fixed for 5 to 10 years (depending on the program) then adjustable thereafter. Interest only payments are due during the construction period and then the loan is amortized once complete.
Minimum Down Payment
15% down on loans up to $ 750,000
20% down on loans up to $1,500,000
25%+ down on loans over $1,500,000
TWO-TIME CLOSE
Interest only payments are due during the construction period. The Interest Rate is fixed with a typical term of 12 months. After the home is complete, the construction loan will need to be refinanced into permanent financing.
Minimum Down Payment
15% down on loans up to $650,000
20% down on loans up to $1,500,000
25%+ down on loans over $1,500,000
Borrower must qualify. Other terms and restrictions may apply and are subject to change.