You should consider a Construction/Permanent Mortgage if you:
Special Items Needed: A full set of blue prints, cost of construction breakdown, a copy of the contract with your builder, building specifications, septic plan approval, a copy of the builder’s license, a copy of the building permit, and a copy of the builder’s liability and comprehensive insurance policy.
Here’s how it works. We are able to offer you the convenience of processing the construction and permanent phases of your home loan at the same time. Almost all of our conventional mortgage loans can be combined with a construction loan to create a customized loan package, including some conventional fixed rate loans and all of our adjustable rate loans — whichever meets your needs.
Our program features a competitive interest rate during your home’s construction phase. Your only payments during construction will be the monthly interest on the amount drawn on your loan. Construction draws will be disbursed based on work completed and will be verified by a loan officer who will monitor the progress of your home’s construction. Permanent rates can be locked-in as early as the day you apply on adjustable and short-term fixed rate loan programs.
Download our residential mortgage loan application and complete it. Then gather the required documents so that when you schedule an appointment with one of our loan officers, everything will be in order to process your application as quickly as possible. Please call (812) 922-3231 for our Lynnville Office or (812) 925-3326 for our Chandler Office.
The Residential Mortgage Loan Application is in Adobe Acrobat® (PDF) format and requires Acrobat Reader. If you do not have Acrobat Reader installed on your computer, click on this icon for a free download.
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