*Construction Loan Special Details:
Must be owner-occupied
Occupancy: Owner-occupied, Single-Family Residence
Terms: Single close transaction with 18 month of interest only payments on funds advanced during the construction term. Loan converts to permanent principal and interest financing following construction term. Terms vary from 15 to 30 years. Loan amounts up to $647,200. Private mortgage insurance (PMI) is required when equity is less than 20%.
Example: $255,000 loan for 30 years at 6.25% (3.95% Annual Percentage Rate) [rate effective 09/22/22] will have 18 months interest only payments up to $1328.13 per month followed by 360 monthly principal and interest payments of $1,570.79/mo. Payments do not include taxes, property insurance premiums, or PMI premiums. Actual payments will be higher.
Applications must be received by 12-31-2023. All mortgages are subject to credit approval and property appraisal. Interest rates, Annual percentage rate, program terms, and conditions are subject to change without notice. Other restrictions may apply.