You’ve got land? We’ve got a construction loan for you.
Are you already dreaming of the fun stuff that comes with that piece of land you saw – the kitchen counters, the bay windows, a cozy fireplace? With a Kennebunk Savings construction loan, you can roll the financing to purchase the land, construct a home and finance the permanent structure mortgage and keep looking ahead. Lock in a fixed interest rate even before you break ground, and enjoy interest-only payments during the initial phase of construction to easily manage expenses, like the costs of alternative housing while you build.
What are the benefits of construction loans?
- Single loan closing at the beginning of construction can save you money and time
- Finance up to 90% of the value of your primary residence
- Gifted land may be used as equity
- Interest-only payment options available for 6, 9, or 12 months
- Principal payments begin after the interest-only phase
Construction Loan FAQs
What do I need to start the construction loan process?
What is the required down payment for construction loans?
What is the maximum construction loan amount?
Can the land I already own be used as a down payment for a construction loan?
Does a construction loan cover appliances?
How can I get home loans for the house I’m planning to build?
Contact Kennebunk Savings Today!
Learn more about how to get a construction loan directly through our bank to help with any financing you need to purchase land, construct a home, and much more!