4Purchase or renovation of a primary residence or second home. Requires a fully executed, third-party builder contract. Construction term of 12 months. Borrower must make interest-only payments during the construction term. Maximum loan amount may vary due to the subject property's state and county. Construction loan approval subject to end loan commitment. Not available in Puerto Rico. or U.S. Virgin Islands.
Loan amounts up to $3 million are eligible in specific counties: CA Counties: Alameda, Contra Costa, Los Angeles, Marin, Monterey, Napa, Orange, San Diego, San Francisco, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Sonoma, Ventura. MI Counties: City of Birmingham and City of Bloomfield Hills. WA Counties: San Juan and King County. WY Counties: Teton and Albany.
Mortgage insurance (MI) is not required on the construction loan but may be on the end loan for an LTV (Loan-to-value) greater than 80%. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing.-month construction loan period. Borrower must close on the end loan after construction is complete.