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Single-Close Construction Loan

From groundbreaking to move-in — one easy process.

Or call 1-800-561-9433

Single-Close Construction Loan

One closing, one loan.

HOW THE LOAN WORKS

  • You provide information on your planned home, including materials to be used and total cost to complete the project
  • Funds are disbursed to the builder at various stages of construction
  • During construction, you pay monthly interest-only payments based on what funds have been given to the builder
  • After the one-year construction term, the loan switches to permanent financing with the same interest rate
  • in 15-20 minutes!

MAY BE A GOOD CHOICE IF

  • You want one loan that covers new home construction and then converts to a standard mortgage

KEY FEATURES

  • One closing before construction starts — no need to close again when the home is finished
  • Down payment as low as 10% of the purchase price (lot equity may be credited toward your down payment).
  • No Private Mortgage Insurance (PMI) required
  • You pay only the interest during construction
  • 12-month construction term with 90% Loan to Value (LTV) up to $750,000, and 85% LTV up to $1,000,000
  • Only available in Indiana and with owner-occupied builds
  • Low fees and closing costs

Call for Rates 1-800-561-9433

 

Maximum Loan Amount of $1,000,000. All loans are subject to credit approval and appraisal. Rates and terms are subject to change. This is not an offer to extend credit as defined by Section 1026.2 of Regulation Z.

  1. 1 Single-Close Construction Loan Details: Maximum Loan Amount of $1,000,000. All loans subject to credit approval and appraisal. Rates and terms subject to change. This is not an offer to extend credit as defined by Section 1026.2 of Regulation Z.
  2. 2 Fixed Rates effective as of November 30, 2024.Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.
  3. 3 Adjustable Rates effective as of November 30, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about ARM products with terms other than those listed.
  4. 5 Based on asset size as of 12/31/2022.