Building a new home or purchasing a home under construction is a big commitment requiring time and money. Fortunately, we offer great solutions for construction loans to help you save both.
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 construction loan.
During construction, you'll pay interest only on the total funds used and your permanent construction loan rate is locked up front and guaranteed for the term of a mutually agreed upon construction phase. Construction Permanent loans are limited to Adjustable Rate Mortgage products.
If you are renovating an existing home...
The "Renovation & Repair Program" is a single-close construction loan designed for this purpose. Financing is available for a purchase or refinance and the loan amount is based on the "as complete" value of the home.
For information on either of these construction loan and other programs, contact your local
Regions Mortgage Loan Originator.
Learn more about construction loans and other loan type options by reviewing the disclosures provided below:
