A residential construction loan is a loan made directly to the homeowner who is building a house. This type of loan is generally a short-term loan not intended for permanent financing of a home but rather to get the dwelling built. A larger down payment, or equity contribution, is generally required up-front from the borrower.
BancFirst is Oklahoma’s largest state-chartered bank with locations in more than 50 Oklahoma communities. BancFirst is consistently named by Bank Director Magazine as one of America’s strongest banks; 2010 was the 5th consecutive year for BancFirst to be named one of the Top 20 strongest banks.
A construction loan is basically a short term line of credit loan that pays off upon completion of the project when the loan is "taken out" in the form of permanent financing. The main thing construction loan lenders need to know is that you have a lender set to take out the construction loan in full upon completion of the project.
City bank offers competitive financing for your new home construction. A construction loan only lasts for a maximum of 12 months, and you are essentially given a line of credit up to a specified limit, and you submit "draw requests" to OKCU, and only pay interest as you go.
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Traditional construction lending involves two separate loans: the first, a short-term loan that finances the design and construction of the home and the second, a long-term permanent mortgage. Each loan is a distinct transaction involving separate applications, separate approval processes, separate loan documents and separate closing costs.
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