Construction to Permanent Loan Program

 

An Easier Way to Finance Your Dream Home

Croghan Colonial Bank offers a Single Close Construction Loan, designed to build a primary residence or second home. Single Close means one loan - start to finish. You sign one set of loan documents that covers both the interim construction phase and the permanent loan. This eliminates the need for multiple loans to get into your new home. With a single loan, you can purchase the land for your home and complete the construction. When the construction is complete, the loan converts to a permanent mortgage loan, saving considerable time and money.

The construction period varies depending on the loan program to allow time to build the new home and sell the existing home.

• Up to 95% loan-to-value (private mortgage insurance may be required).
• 12-month construction periods available.
• Interest-only incurred during the construction phase.
• Fixed-Rate and Adjustable Rate Mortgages (ARMs) are available.
• Program applicable for full-build projects or renovations.
• No self-builds.