Construction-to-Permanent loans help you manage expenses during building

At HomeTrust Bank, we love helping people realize their dreams. One way we do that is to help customers who plan to build finance their own home with construction-to-permanent loans. With our construction-to-permanent loan, you’ll only pay interest during the building process – an important benefit, especially if you are paying for another place to live while you build.

Construction-to-permanent loans

  • May be used for new construction, renovation for existing or new purchases, including primary and second homes.
  • Loans can be either 15-year fixed or any of our adjustable rate loans. The interest rate on either type of loan is locked at the construction closing. See our current rates here.
  • Interest only payments during the construction period.
  • Allow the equity in your land to be considered towards your down payment, depending on the value of the property and the down payment requirements of the loan.

Some of the documentation you’ll need for these loans includes building plans, a selected contractor, construction schedule, and your property deed.

When you partner with HomeTrust Bank for construction-to-permanent loans, you only pay for one closing. This can save you money on recording fees and other closing costs that might occur with an additional closing for a permanent loan.

Once construction is complete the loan converts to a permanent loan. You can finance up to 90% of the construction expenses or value of the home; whichever is lower. After construction, you will need updated documentation to convert to a permanent loan.

Let our mortgage experts help you get pre-approved now!