If you are planning to build a new home... The "One-Time-Closing Construction to Permanent Program" is approved and closed before construction begins. You'll save time and money with one closing, one set of closing costs and one loan.
During construction, you'll pay interest only on the total funds used and your permanent loan rate is locked up front and guaranteed for the term of a mutually agreed upon construction phase.
If you are renovating an existing home... The "Renovation & Repair Program" is a single-close loan designed for this purpose. Financing is available for a purchase or refinance and the loan amount is based on the "at complete" value of the home.
For information on either of these programs, contact a Regions location near you. The information below is a brief overview of these two products.
Loan-to-Value: Loan-to-value refers to the ratio of the mortgage loan's principal to the property's appraised value or its sales price, whichever is lower. Maximum LTV of 95%.
Loan Amount Limits: For Maximum Loan Amounts, contact your
local office .
Sample Payment Schedule
| Construction Loans |
| Loan Amount: |
$100,000.00 |
| Loan to Value %: |
80% |
| Interest Rate: |
5.625% |
| APR: |
5.821% |
| Construction Term Monthly Payment: |
$468.75 for 9 months |
| Monthly Payment: |
$575.66 for 360 months |
| Amortization Term: |
360 Months |
| Construction Term: |
9 months |
Learn more about Interest-Only Mortgage Payments, Mortgage Settlement Statements, and ARM Loans.
For more information please locate a Regions Mortgage Loan Originator or give us a call at 1-877-536-3286.
Payment during the construction term is interest-only based on interest accrued on the principal balance only. This is a sample payment schedule, provided in accordance with Regulation Z, Truth-In-Lending, section 226.24(c)(2)(ii)&(iii). Loan specific disclosures will be provided upon application.
Subject to Credit Approval