Building a new home can be an exciting prospect, but the construction loan approval process can be overly complicated and time-consuming. We’re here to make it easier. Village Bank, A Division of TowneBank, Mortgage in conjunction with Village Bank, A Division of TowneBank offers you the local market expertise to make building your dream home possible. With established relationships in the building industry Village Bank, A Division of TowneBank, Mortgage is a leader in the new construction home financing.
Lot Financing
Not ready to build yet, but want to buy your lot? Village Bank, A Division of TowneBank, Mortgage can help! We’re happy to provide financing for qualified borrowers for up to 75% of the value of the property. Typically lot sizes are restricted to 10 acres or less and applicants must intend to begin construction within three years of purchasing a lot.
Construction Financing
Already have your lot picked out? Village Bank, A Division of TowneBank, Mortgage can help finance the construction of your new home for up to 90% of the completed value. We help you work with your builder in establishing a budget for your new home and walk you through the process towards completion.
Construction-to-Permanent Financing
Our Construction-to-Permanent program allows you to convert your construction loan to one of many permanent loan products available. Loans are available for up to 90% of the completed value of your home. We coordinate the application process upfront and work with Village Bank, A Division of TowneBank, to complete the construction process. Upon completion of your home, we then secure financing either directly with Village Bank, A Division of TowneBank, or through our traditional secondary market sources.
Construction Renovation
Does your weekend to-do list extend well beyond the weekend when it comes to updating your current home? Village Bank, A Division of TowneBank, Mortgage offers Construction Renovation loans for up to 90% of the value. Whether you’re looking to finance an addition or upgrade major systems in your home, Village Bank, A Division of TowneBank, Mortgage has the know-how to see your project through.
Construction “Take Out” Loans
If you’re working with a builder that is providing the construction financing and the lot of your future home, Village Bank, A Division of TowneBank, Mortgage offers construction “take out” financing. This program is helpful when the builder carries the cost of construction, and you simply pay-off the builder upon the completion of your home. In most cases, financing is available for up to 95% of the value of the home, however, depending on your chosen loan program, loans may be available up to 100% of the value of your home. Longer term rate lock-ins are available for up to 180 days to allow for the successful completion of your new home.
