Construction Loans

Financing for your land, construction and home mortgage.

One-Time Close Construction-to-Permanent Loan

Building a new home? With a First Bank One-Time Close Construction-to-Permanent Loan, your lot, construction, and permanent mortgage financing can be covered in a single loan.

Details

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.

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 One-Time Close Construction-to-Permanent Loan consists of two phases: the construction phase and the permanent phase.Payments of interest only during the construction phase. Then when construction is complete, the loan is modified into a permanent loan.The One-Time Close Construction-to-Permanent Loan is only offered in conjunction with permanent financing. Loans for construction only are offered.
Apply Online
Applying for a First Bank mortgage is fast, easy, and secure. Before you begin, have the following information on hand:

Financial Information

  • Income
  • Assets
  • Expenses

Property Information

  • Estimated purchase price and down payment amount (if buying), or
  • Estimated property value and loan amount (if refinancing)
  • Amount of taxes and insurance associated with property being refinanced
 
Loans subject to credit approval.

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