Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

One-Time-Close Construction to Permanent Loan

Simplify the building process with a single loan from start to finish.
Hard hat, ruler and contruction drawings on table

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 for conforming loan amounts, and up to 15 months for jumbo loan amounts, both 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 interest rate during the construction phase.
  • 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.

Apply online today

Applying for a First Bank mortgage is fast, easy, and secure. Before you begin, have the following information on hand.

Financial Information
  • Income
  • Your total assets
  • Monthly expenses
Property Information
  • Estimated purchase price and down payment amount
  • Estimated property value and loan amount
Work with a local mortgage specialist

Loans are subject to credit approval.

Featured Articles

Hassle Free Checking Account Near Me

At First Bank, we don’t believe in charging unnecessary fees and diminishing your hard earned cash. That’s why we offer five options for hassle-free checking accounts provided you meet some basic monthly requirements....

Join Us: the 12 Days of Giving

This holiday season, First Bank team members across the Carolinas are participating in the 12 Days of Giving. Small acts of kindness can make a big difference, and we'd love to invite you to join us. This handy list has...

10-Step Program for First-Time Homebuyers

If you’re searching for a first-time homebuyer program, it’s important to find a process that is simple and clear. Purchasing a home for the first time is a significant event, so it’s also a process that requires you to be...

Learn the Cybercrime Warning Signs

The number of cybercrimes continues to increase day by day. This can sometimes make it hard for you to completely protect yourself from these threats. But the more you know about these scams, the better chance you’ll have...

Five Reasons to Refinance Your Mortgage

Banking professionals suggest mortgage refinancing when homeowners want to replace their current loan with a new one, often to reduce monthly payments or lower interest rates. With a mortgage refinance, your current loan...

First Bank Card

With a First Bank card, you can feel confident that you are obtaining a bank card that is secure and convenient. Are you one of the 194 million people who already have a debit card? Get the most out of your card today with...

Best Small Business Bank – Albemarle, NC

If you’re looking for the best small business bank in Albemarle, NC—the search stops with First Bank. As a local bank, First Bank has a reputation for being an instrumental part of small businesses. Our proven history of...

Your Top 5 Tips for Effective Online Money Management

Information on the Internet moves quickly. That’s why First Bank* offers streamlined online money management for individuals and small businesses throughout North Carolina and South Carolina. Accounts can easily be linked...

First Bank One Rewards Program: Learn More

There are a lot of advantages to being a First Bank credit card holder, but the First Bank One Rewards Program is the most beneficial to you. By simply using your Platinum Rewards Mastercard® or Mastercard® Business Card...

How to Get a Mortgage for a Rental Property

Looking for rental property mortgage rates near you? If so, First Bank can provide you with tips and tricks on how to get a rental property mortgage, as well as how to find the best mortgage rates near you. Rental Property...