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.
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Construction-To-Permanent Loan
Construction-to-permanent loans are a financing option that prospective custom home builders can apply for. Construction-to-permanent loans are one-time-close loans that fund construction and then convert into a permanent mortgage. During the 6–12-month construction phase, borrowers make interest-only payments. After the construction phase, the payment includes both principal and interest. An extension can be requested if the home is not complete. *
We also offer an optional interest rate float down at the end of the construction phase if interest rates decrease below the rate at origination. The floor rate is 4.50%.
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*The construction extension fee is $250.