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10% Down New Construction/Perm Loan

Loan Term: 30 / 25 / 20 / 15 / 10 years
Max Loan Amount: $417,000

Minimum Down:
10% of purchase price
Available for: Owner-occupied primary residence, 1-4 unit properties


Loan Features:

Flexible down payment requirements
This loan requires 10% down payment; however, this down payment requirement is flexible. For instance, if you have already purchased your land, you can use the equity in the land to meet the down payment requirement.

It's easy
We realize building your next home can get complicated. That's why we try and keep it simple by offering a one-time closing, one application combined construction permanent loan.

Various rate lock options
We offer a variety of rate lock options to help you achieve the rate you desire. Your personal loan officer can help you choose your most effective rate lock option after you apply for your mortgage.

Consider choosing this loan if:


You are going to build a new home and need financing for the construction.


You have 10% down payment available. If you already own the land, equity in the land will count towards your 10% down.

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Other
Construction loan options:
10% Down New Construction/Perm Loan
Other Construction Options

(click on the loan to learn more about it)
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Learn more (key terms and concepts)


Conventional Conforming Loans
Conventional Conforming Loans are loans that conform to national guidelines established by the Federal National Mortgage Association (FNMA or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac). These guidelines insure the security of your mortgage and therefore the security of your home.

Maximum Loan Amount
Loan Amounts for conventional loans can vary in size, but can not go over $417,000 for a single-family home. The rest of the loan limits are as follows:


Fixed Rate Loans
 Fixed Rate conventional loans are mortgages with an interest rate that does not vary over the term of the loan. The term of loan can vary in length from 10 to 30 years. In general, you might choose to select a fixed rate loan if you thought interest rates were going to rise in the future. This way your interest rate will stay fixed for the life of the loan, and not subject to future rate movements.
Jumbo Loans
 Jumbo Loans are conventional loans that are larger than conforming loan limits (any loan over $417,000 for a single-family home).



Term Options
 The Loan Term is the number of years it will take to pay the loan back in full. Most commonly, mortgage terms range from 10 to 30 years. For our purposes, we will compare a 15 and a 30 year loan:

30 year loan
15 year loan
Extends principal payments
over 30 yrs.
(lowest payment available)

pay more total interest
when you pay over 30 years


 Extends principal payments
over 15 yrs.
(higher monthly payment)

Pay less total interest
by paying over 15 years

Build equity faster

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All rights reserved. Revised: October 16, 2000.