A construction loan is a short-term financing option that allows borrowers to obtain the cash flow incurred after project authorization but prior to the mortgage. The traditional mortgage is the long-term, permanent loan option. The application process is similar to a mortgage. You can apply for a construction loan by clicking here.

All rates and terms are subject to change without notice. Loan rates are subject to credit approval and based on individual creditworthiness, amount financed, and loan term. Your Annual Percentage Rate (APR) will be determined by factors such as credit score, debt-to-income ratio (DTI), and other qualifications. View our construction loan rates here.

You can receive interim construction financing for up to 12 months and permanent financing for 5 - 30 years.

Construction loans are commonly used when a home-builder or individual wants to buy a lot or land and start building a home immediately. If you want to purchase the lot or land ahead of time and plan on building at a later date, a land loan would be the best option.

Construction loan financing, also known as Gap Financing or Bridge Financing, is used to fund the expenses of building a new construction home. If you are looking to do repairs or renovations to an existing home, a home improvement or home equity loan would be the best option. 

Construction Loans require a minimum 10% down payment.

A borrower will need a minimum of 680 credit score, two years of work history, 6 months of cash reserves for interim financing, and two years of tax returns.