Construction Loan Program
Great Midwest Bank's "Construction-Perm" Loan offers the following features and benefits:
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A 30 year agreement, allowing for up to 12 months for construction, with only one closing.
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A low down-payment option of only 5% of the total of Lot and Construction costs. Mortgage Insurance approval is required.
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Simplified payments of interest-only payments during construction.
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Regular payments beginning either in the month following completion or one year following closing, whichever is first.
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1, 3 and 5 Year Adjustable Rate Products are avaiable; Click here for current rate information.
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Title Company-administered draws to your Builder to ensure a smooth process.
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A hassle-free, thorough pre-approval process; Contact one of Loan Officers to apply.
Once construction is complete, you may be eligible to refinance into a fixed rate mortgage, which usually requires the need for a new appraisal. If you're considering purchasing a Lot and waiting to build, a Lot Loan may be an option. Contact one of our Loan Officers for more information.
