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interior framing of a house under construction

Construction Loans

Building Homes and Relationships

Jarrettsville Federal specializes in single-settlement residential construction loans.  To find out if you qualify, please contact one of our loan specialists.

You will need the following with your application:

  • Plans and specs of your new home
  • Signed and accepted contract with your approved, qualified builder
  • One month of pay stubs
  • Two years of tax returns

How it works:

Once your construction loan is approved, the bank, your builder and you will identify milestones of activity and timing in the building plan, and the bank will release a portion of the loan proceeds upon confirmation of reaching each milestone. This is called a draw schedule.

The benefits:

  • The Bank supervises the time line for the money.
  • Interest only payments for the first year.
  • A single settlement saves you money, one closing on both the loan and the home.

For current rates Click Here

 

Our loan officers are waiting to work with you today, call us at 410-692-5151 or toll free at 1-800-429-6616 to see how we can help you with your home loan options.