New Home Construction
Are you considering buying or building a home, and can’t decide which to do? If you build your own home, your builder might offer fiancing, or you may need to secure your own new home construction loan. Security Federal offers new home construction loans.
You can apply now
A construction loan is a short-term loan that will cover the costs of building your new home. It’s specialty financing, not a mortgage.
Once the home is built, you’d apply for a mortgage to pay for the completed home.
Construction-to-permanent loans are a financing option that prospective custom home builders can apply for. Construction-to-permanent loans are one-time loans that fund construction and then convert into a permanent mortgage. During the 6-9 month construction phase, borrowers make interest-only payments. After the construction phase, the payment includes both principal and interest. An extension can be requestedif the home is not complete.*
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*The construction extension fee is $250.