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Building your dream home requires the right team. A Construction Loan from Community First Bank will be there to help you along the way. We make the process easy, with a quick disbursement policy for approved expenses that will make your contractor smile. Terms can be as long as 12-months with interest only collected during the construction period. Upon completion, your construction loan can be converted to a conventional mortgage loan.
*APR is based on a 12-month $300,000.00 loan with a fixed rate of 1.99%, which results in 11 monthly “interest only” payments of approximately $253.52 (with an initial advance of $150,000). Then 1 (one) final balloon payment, at maturity, of the outstanding principal balance plus any accrued and unpaid interest. There may be other closing fees charged in conjunction with this loan, such as appraisal, title, etc. These monthly payments do not include amounts for taxes and insurance premiums. **$500 closing cost credit given on end financing loan with Community First Bank. All other terms and conditions of our construction loan program apply. Other condition(s): Must have an existing checking account or open a new deposit account at Community First Bank.