The use of a voucher system makes this the perfect loan while your home is being built. Terms up to 12 months are available. We will finance up to 95% of the purchase price or appraised value, whichever is lower.
You only pay interest and you only pay that on the funds that have been disbursed to date. For example, in January, $5,000 is paid out on a construction loan approved for $500,000. You pay interest only on $5,000 until another draw is made. You don't pay anything on the amount of the loan that has not been disbursed. The principal is repaid when you roll the construction loan into your home loan at the completion of construction.
