Single-Closing Construction Loan
Made in ME Construction Loan
If finding the home of your dreams has been a challenge, have you considered new construction? Build a home to your unique specifications with our single-closing Made in Maine construction loan!
Features
- 12-month construction phase
- Down payment of only 5% (95% financing) with Mortgage Insurance
- Interest-only payments during construction
- Fixed interest rate
- Converts to a traditional mortgage at the end of construction
- Only one closing, saving you time and money!
Building your dream home starts here.
We’re with you through the entire process, ensuring everything goes as planned.
Personalized Service From Foundation to Finish.
We’re here to help make your home construction process as smooth and stress-free as possible. With our single-closing construction loan, you’ll benefit from:
✓ Local Decisions
✓ Personalized, Friendly Service
✓ Rate-lock Options for Peace of Mind
✓ Interest-Only Payments During Construction
Here's how it works:
- Apply Easily: Apply in person, online, or by phone.
- Loan Processing: Our loan processors will order the appraisal and title.
- Closing: Once all loan conditions are met, your closing will take place.
- Draw Phase: During construction, you will approve draw requests from your builder through the Construction Loan Administrator.
- Project Completion: Final inspection will be scheduled to confirm contract has been completed.
Let’s Talk
Complete this form and a member of our lending team will contact you. Prefer the phone? Give us a call at 207-221-8474.