Construction to Permanent Loans
Newtown Savings Bank is one of a few lenders in Connecticut that still offer a construction to permanent loan program and is one of the top construction loan lenders in the state. This unique program features just one closing that combines construction financing and permanent financing into one loan. Finance up to 100% of the cost of construction. Lock in a rate prior to closing that will hold for both the construction period and for the conventional loan (adjustable rates loans for initial period).
Construction loans can be used to purchase land as well as rehabilitation of existing structures.
• Flexible draw schedules
• Interest only payments on amount dispersed
• Available for on-site home construction and modular homes
• Loan-to-value 80% or up to 90% with mortgage insurance
• Terms up to 30 years on either fixed or adjustable rate mortgages
• Buy the land and receive construction funds in all one closing or come back for a construction or renovation loan later
• Mortgage Bankers have extended hours to help with questions and the application process
• Decisions made on all loans locally here in Connecticut