New Construction Loan

About New Construction Loans

If you are considering building your dream home instead of buying a new home then this is the loan for you! A new construction loan is one loan covering the entire home building process from groundbreaking to housewarming! Our construction loans offer one settlement, and one low rate during construction that automatically converts into a fixed rate loan once your new home is complete.

As your home is being built, funds are advanced according to a draw schedule that you and your builder agree upon. Beacuse of this, you will pay interest only on the amount that is drawn on the loan.

Types of New Construction Loans

• Conventional – up to 95%
• FHA – up to 96.5%
• VA – up to 100%
• USDA – up to 100%

Construction loans are a completely different lending concept from conforming loans. Rebecca Foote Mortgage Team offers not only new construction loans but also a new construction loan expert! RFMT’s Senior Loan Partner, Ashleigh Garanchski, specializes in new construction loans and is excited to speak with you!

For more information, call the Rebecca Foote Mortgage Team today at 717-609-4044 and ask to speak with Ashleigh Garancheski!