I have been a member of the National Association of Homebuilders, the Ohio Homebuilders Association and the NorthCoast Building Industry Association for over 10 years (. I am a board of directors member of the NCBIA and active on several committees. The NCBIA is an association of builders, remodelers and associates related to the homebuilding/remodeling industry here in Lorain, Erie, & Huron counties. If you’re looking for a builder or remodeler or home maintenance tips, you can find them on the NCBIA website.
Talmer Bank & Trust is offering Construction/Permanent loans, lot loans and end loans.
A construction/perm loan can be done with as little as 5% downpayment- if you already own your lot, the lot equity can be downpayment. This type of loan is taken out for the construction of a new home. The lot can also be purchased at the same time either from the builder or another individual. Clients have 8 or 12 months to complete construction. During construction, payments are interest only based on the amount drawn by the builder. We offer fixed rates and convertible Adjustable rate mortgages. This a one time closing loan- closing takes place before construction begins.
Lot loans are for the purchase of a piece of property you intend to build your primary residence on. Maximum loan amount is $250,000 and 25% downpayment is required.
End financing is used to purchase a home that is being built by a builder, but the builder has secured financing to get the home built. The buyer comes in with financing after the home is complete. These loans can be done with as little as 5% downpayment.
I look forward to discussion options for the building of your new dream home today!