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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.
  • Loans for construction only are offered.

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 (if buying)
  • Estimated property value and loan amount (if refinancing)
Work with a local mortgage specialist

Loans are subject to credit approval.