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One-Time-Close Construction to Permanent Loan
Whether you’re building or adding on, we’ll help you get creative.
Access a loan that’s constructed for homebuilders.
Building a house is a complex process, but First Bank’s One-Time-Close Construction to Permanent Loan takes the hassle out of the financing. Get a single loan and only pay closing costs once for your lot, construction and permanent mortgage.
Perfect for you if:
- You are building from the ground up.
- You are financing a primary residence or vacation home.
- You only want to make interest payments during construction.
Loan Features
- Construction loan financing for up to 12 months with the ability to convert to a permanent loan.
- Choose from a variety of fixed or adjustable-rate loan programs.
Loan Benefits
- Interest-only payments during construction.
- Fixed construction interest rate for 12 months.
- No prepayment penalties.
- A single set of closing costs.
Considerations
- This program is for financing a primary residence or vacation home.
- May be used to purchase your lot in addition to financing your construction.
- Allows you to prepay without penalty.
Terms
- The loan consists of two phases: the construction phase and the permanent phase.
- Payments are of interest only during the construction phase.
- When construction is complete, the loan is modified into a permanent loan.
- Only offered in conjunction with permanent financing.
Ready to get started?
Loans are subject to credit approval.