Home Builders

You will need a contract with a licensed builder, plans, specifications and budget. To make things a little easier, we’ve put together a checklist of financial documents you will need to prepare for the loan process. See our Mortgage Application Checklist.

Yes, it is possible to be your own contractor. To do so, you must demonstrate previous experience in building a home or work in a related trade that would support your ability to successfully complete the project. However, there are different contingency costs associated with using a general contractor or doing the work yourself. For more information, please speak with one of our Residential Lending Officers.

We may accept a down payment as low as 10%, depending upon the size of the loan and your personal financial situation. It’s important to discuss the specifics of your project with a Residential Lending Officer to understand the options available to you.

The maximum loan amount depends on your personal financial situation and the scope of the construction project, which includes the plans, specs, and estimated cost of construction. In some instances, you can borrow up to 90% of the cost to construct your home or the final appraised value (whichever is less). Please keep in mind, borrowing anything over 80% of the cost to construct or the value of the home requires private mortgage insurance (PMI), which is an additional monthly expense. Remember, we are here to answer your questions and help guide you based on your specific project. Do not hesitate to call and talk with a construction lender.

If you own or have an existing mortgage on land for more than a year, we can consider the current appraised value toward your down payment. If you have owned the land less than a year, the value is based on acquisition costs, the actual cost of the land and the cost to construct or the appraised value whichever is less. The required down payment is determined based on that value.