The journey to build your new home can be a challenge.
Your mortgage shouldn't be.

About ​Construction Loans

We take the complexity out of obtaining a construction loan. When you work with  TowneBank Mortgage, you'll receive hands-on customer service that keep your project running smoothly.

​Construction Loan Details:

•  You have up to one year to complete construction of your home.
•  Extended rate lock options are available.
• Five years of free personal checking is an added benefit.
• Streamlined builder review process.
• We have a wide range of mortgage programs available to include fixed rate and adjustable rate options for conventional and jumbo loans on primary, secondary and investment properties.
• In addition to normal mortgage loan documentation, you will need to submit the following project related information: building plans, specifications, building contract, lot contract (or closing documents where lot was purchased), and a site plan survey.

Benefits for The Homebuyer:

• May reduce the purchase price of the home, usually by the amount the builder does not have to pay in closing costs and interest carry. This is offset by the increase in closing costs and interest carry for the buyer.
  
• The buyer may have the ability to reduce their federal and state tax burden if they itemize their deductions. A buyer is allowed to deduct interest paid to construct or acquire a home for use as a primary or second residence.

 Renovation Loans

         Available for new purchase or refinance, these loans are used to renovate or repair an existing home. Save time and money
with a single long-term, fixed or adjustable-rate loan for the acquisition and ​rehabilitation of a property.

Lot Loans

Land-only financing is an option with a lot loan.
​This loan program will allow you to purchase
the land where you'll build your home, while continuing
​ the process of finalizing your construction plans.

 

Get financing options that fit your constrction needs

Please fill out the form below to get started funding your dream home.