Construction Loans
Community First's Construction Loans help you finance the construction of your new home and establish your post-construction home financing with a one-time loan application, approval, processing and loan closing. No need to refinance!
Construction Loan Products
Our Construction Loans offer your choice of an initial 6, 9 or 12 Month Construction Draw Period.
During the Construction Draw Period:
- loan disbursements may be requested based on the completion of construction, an inspection, and the percentage of completion.
- loan payments are interest only payments and are based on the disbursed balance of the loan.
When construction is complete, the loan transitions to become your Permanent Mortgage Loan based on your initial loan application and approval for any of our Adjustable Rate Mortgages (ARMs).
Construction Documents
Construction Loans require additional loan documentation, underwriting and lender review. In addition to standard Credit Underwriting and Documentation, a lender will require documentation on the home to be built and the builder contracted to do the work.
An example of some of the documentation required follows:
- Survey or Plot Plan
- Plans and Specifications
- Construction Contract
- Construction Cost Breakdown
Please contact our mortgage loan department for a construction loan checklist of required documentation.
