Design Your Dream Home with Next Generation. We’ll Help You Finance It.
Getting Started Is Easy
Documents to apply for a construction loan
- Your Social Security number to obtain your credit report
- Pay stubs, W‐2s and possibly full tax returns for income documentation
- Bank and asset statements for verification of liquid and retirement savings
- Any other necessary information based on your individual situation like business tax returns, current real estate holdings, etc.
- A lot loan closing statement, if you already own your lot
Additional documents and information (when available)
- Accepted offer to purchase – if purchasing the lot at the time of closing on your construction loan
- Construction plans
- Builder cost breakdown and specs
- Complete signed builder contract
- Insurance coverage, including builder's risk insurance – prior to closing
Types of Construction Loans
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This is a combined construction and permanent loan financing option to save you time and money. You’ll enjoy the convenience of one loan, one application and one closing date.
Benefits of a one-time close construction loan include:
- Interest only payment during construction based on the funds drawn
- Low down payment options
- Maximum loan amount up to conforming loan guidelines of $766,550
- Option to lock your rate up to 180 days prior to the final draw being made and if rates drop you can lower your rate with a free float down
Our portfolio construction loans provide financing options for homeowners that have high value construction projects that exceed conforming loan amounts.
Benefits of portfolio jumbo construction loans include:
- Interest-only payments during construction based on the funds drawn
- Loan to values (LTVs) vary, with loan amounts available up to $3,000,000
- Long-term fixed rates, generally up to 30 years
- Adjustable-rate mortgages (ARMs) with various term options
- Once the final draw is made, you may have the option to relock your rate, for a fee, should the current rate be lower
In move-in ready home financing, the builder is responsible for the cost of construction. The homeowner finances the purchase of the new home when construction is complete and they are handed the key.
Benefits of move-in ready home financing include:
- Homeowner finances the completed project with a traditional mortgage loan
- Faster project, typically 4 – 6 months
- Less stress and money obligations while your home is being built
- Homes typically are built in subdivisions
- Flexibility to lock your rate up to 180 days prior to closing with the option to lower your rate with a free float down
- Builder is responsible for the construction financing
Meet Your Construction Financing Expert
Andy Dongarra
VP - Mortgage Field Manager, NMLS: 1592732
As Vice President, Mortgage Field Manager, Andy and his team help customers achieve their financial goals through homeownership. With a strong background in residential mortgage lending, he and his team focus on building strong relationships with clients. Using a holistic approach, he provides real world examples to guide clients through the entire mortgage lending process. Andy strives to make customers feel like family and friends in order to create a comfortable and memorable experience through the entire process.
LEARN MORE about Andy Dongarra. APPLY NOWLoans are subject to credit and property approval, bank underwriting guidelines, and may not be available in all states. Other loan programs and pricing may be available. The term of the loan will vary based upon program chosen. Certain conditions, terms, and restrictions may apply based on the loan program selected. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required. Permanent financing is subject to additional credit approval and property valuation.
*Private mortgage insurance may be required on loans with less than 20% down.
Construction Loan: Note is modified during the construction period to call for a monthly payment of interest only on funds advanced. The timing of the request to convert to fixed rate financing or to modify the rate is product dependent and may range from 180 days before to 30 days after final draw. The new interest rate will be determined by the term and rate lock period being requested.