Ready to own a piece of Northeast Florida? Our local lenders can help find and finance lots of all sizes.
Key Features
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Competitive Rates
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Local Processing
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Quick Decisions
Residental Lot Loans
- Competitive rates for your perfect lot of land
- Maximum amount of $200,000
- 15 year fixed insterest rate with no prepayment pentaly or balloon payment.
- Local, Northeast Florida decision-making and processing
- Detailed, attentive service from start to finish
Construction Loans
- How much money can you borrow?
- To get approval for your construction loan, you'll need to provide your building plans and specifications
- An appriaser will determine the value of your future home, and based on that value, you can borrow up to 80%.
- You must also invest at least 10% of the new home's value. This can be through a cash down payment or the value of the land you own, minus any existing debt on the land.
- The maximum loan amount is $517,000, consisting of a $417,000 1st mortgage and a $100,000 2nd mortgage. If your loan is smaller than $417,000, you'll only have the 1st mortgage.
- The Loan Process Steps
- Your loan is initially set up at a loan closing.
- During construction, you'll make monthly interest payments based on the amount of money used for construction.
- The interest rate is linked to the prime interest rate, but it won't go below 6.5%.
- The builder provides necessary documents like building permits and insurance before each construction payment.
- Locking in the Permanent Interest Rate
- You can lock in your permanent interest rate when your new home is 45 days away from receiving a certificate of occupancy.
- Finalizing the Loan
- Once construction is complete, you'll need to provide documents such as the certificate of occupancy and homeowners insurance.
- An elevation certificate might be needed to determine flood insurance requirements.
- A final appraisal and a review of your financial situtation are also conducted.
- Modification Closing
- The final step is the modification closing, where your construction loan turns into a permanent mortgage with a new term and interest rate.
- The typically happens when the builder receives their last payment for construction.