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Park State Bank
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Construction Loan

Construction worker pointing at a house being built

Build Your Dream Home.


Whether it's financing a cabin, or buying vacant land, we'll find a loan that works for you.  When you get a construction loan, you actually get two loans: a short-term loan to cover construction, and a long-term mortgage loan that finances your home purchase after construction is complete. We'll work with you during the construction phase to show you our permanent financing options. Get started on your dream home today!

Park state Bank's Fixed Rate Construction Loan Program

30 YEAR FIXED RATE | 15 YEAR FIXED RATE

ONE TIME CLOSE UP TO ONE YEAR CONSTRUCTION PERIOD


  • ONE Origination Fee!
  • ONLY Pay MRT Taxes ONCE!
  • ONLY Pay Title Insurance Charges ONCE!
  • LOCK IN a FIXED rate!
  • ONE Set of paperwork & approval process.
  • ONE Closing & easy modification after project completion.
  • ONE Full year to complete project

30 YEAR EXAMPLE
The Annual Percentage Rate of 8.90% is effective 10/02/2024 and available for a limited time only. Credit Score of 680 or higher required. Maximum combined loan-to-value up to 80% or less. Borrower pays all closing costs.

A typical repayment example on $500,000 loan: Interest on the amount of credit outstanding during the construction period will be paid monthly for 12 months, followed by 359 monthly payments of $3,933.50 and one final payment of $3,937.09.

Payments do not include amount of taxes and insurance premiums, if applicable, the actual payment obligation may be greater. Rates and loans are subject to Park State Bank underwriting guidelines and credit approval. Other qualifying ratios and terms may apply. NMLS #401406


15 YEAR EXAMPLE
The Annual Percentage Rate of 7.97% is effective 10/02/2024 and available for a limited time only. Credit Score of 680 or higher required. Maximum combined loan-to-value up to 80% or less. Borrower pays all closing costs.
 
A typical repayment example on $350,000 loan: Interest on the amount of credit outstanding during the construction period will be paid monthly for 12 months, followed by 179 monthly payments of $3,294.47 and one final payment of $3,292.73.
 
Payments do not include amount of taxes and insurance premiums, if applicable, the actual payment obligation may be greater. Rates and loans are subject to Park State Bank underwriting guidelines and credit approval. Other qualifying ratios and terms may apply. NMLS #401406

 

Also...
  • Flexible loan terms during construction
  • Free pre-approval
  • Locally approved and serviced
  • Payments are made to Park State Bank
  • Experienced loan professionals
  • Easy application process
 
Have questions about Construction Loans? Contact us.

NMLS #401406