- Copy of the deed for the land if you own it
- HUD-1 settlement statement for the purchase of the land within 12 months of applying or contract for the purchase of the land
- Contract for the purchase of the land if you don’t own it
- Contract with licensed general contractor along with their company name, address, phone number and certificate of liability insurance
- Plans and specifications for your new home or renovation
- Hazard insurance covering the property during construction – either the builder’s risk or your homeowner’s insurance policy
Building or Renovating a Home
Construction and Rehab loans are tailor-made for every project. Connect with a mortgage expert to customize your financing.
Whether you build or renovate, the home of your dreams is waiting.
If you’re considering building a new home or renovating a current home, you’ll be glad to know that Dollar Bank has made construction financing easy and affordable. All Dollar Bank mortgage products can be converted into a construction or renovation mortgage and are customized to fit your project. And we will be there for you from start to finish.
Our construction mortgages offer:
- Competitive rates
- As little as 5% down
- One closing – your loan will automatically move into a permanent mortgage at the same great rate
- Conforming and jumbo mortgage options
- Adjustable- and fixed-rate options
- Interest-only payments as each construction phase is completed.
- We retain the servicing of our construction mortgages. You'll be in our capable hands for years to come
What is the best way to start?
Get in touch!
Don't wait. Work with a mortgage expert to be pre-qualified for your custom financing.
What you need to get pre-qualified
Use the equity from your current home to start construction.
We offer home equity lines of credit (HELOC) to access the equity from your current home so you can start your build before you sell. Use it toward building costs, down payment, managing mortgages for two properties as well as other non-build related needs. Will a HELOC work for you? Ask your mortgage expert today.
Already own your lot?
When building a new home, most often the lot purchase and construction financing can be rolled into one mortgage. If you already own the lot, you can use the mortgage to finance the construction costs. And, if you have a current mortgage on the lot, you may be able to roll that into the construction financing.
Renovating an existing home?
You can finance the renovation cost and the mortgage financing with one loan. When Dollar Bank does a renovation mortgage, we appraise the current home as if the renovations are complete so that would give the benefit of the proposed improvements to the value of the appraisal report. We can lend up to 95% of the as-completed value for loan amounts up to $647,200, 90% up to $850,000, 80% up to $2 million and 85% up to $1,250,000. This loan works just like a construction mortgage.
How much do you know about construction financing?
When building a home, the lot and construction financing can often be rolled into one mortgage. If you already own the lot, you can use the mortgage to finance the construction costs. And, if you have a current mortgage on the lot, you may be able to roll that into the construction financing. What does all of that mean? Get in-depth details in Financing Your New Home Construction. Gain insight on financing options, draw schedules and more.
Let's talk about financing your dream home today!
We're here to help 1-800-344-5626
Dollar Bank representatives are available Monday - Friday from 8:00 AM - 6:00 PM.
Email us: reslendingadmin@dollarbank.com
The information presented is general in nature and is for information purposes only. It is not intended to provide specific legal, tax or other advice to individuals.