Building Your Home & Renovations

Construction & Renovation Loan Overview

We can help you achieve the dream of building your home.  From the purchase of land, to constructing your home, we offer convenient single-closing loans that combine construction and permanent financing. Or, if your dream is to renovate a home you fell in love with, we can help you with a loan that can help you purchase the home and make home renovations.

Construction Loans

Construction Loans

Our single-closing construction/permanent loan combines a loan for the construction of your home with the loan for its permanent financing.  Funds are disbursed during the construction period based on completion, and the permanent payment is set upon completion of the home. Our single-closing construction loan is available on conventional or jumbo loans and can be an adjustable-rate or fixed-rate mortgage (fixed rate mortgages are limited to terms of 15 years or less). A two-closing option is also available.1

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Lot Loans

Lot Loans

Lot loans are designed to provide short-term financing so you can purchase land on which you intend to build a home. Our lot loans have a balloon payment at the end of the three-year term but provide for payments based on up to a 30-year amortization schedule.2

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Renovation Loans

Renovation Loans

A renovation loan allows you to pay for the purchase (or refinance) and the cost of renovating the home. Both FHA and conventional options are available.

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HomePath® Mortgage Loans & HomePath® Renovation Mortgage Loans

HomePath® Mortgage Loans & HomePath® Renovation Mortgage Loans

HomePath® loans require a very low down payment with no requirement for mortgage insurance for purchase and renovation of Fannie Mae real-estate-owned (REO) properties. HomePath Mortgage loans are available for both owner-occupants and investors.

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All loans subject to credit approval.
  1. 15 year fixed rate mortgage: Construction (OH, PA, MI & WI)
    A $175,000 15-year fixed rate mortgage, with an interest rate of 3.125% and 20% down payment, principal and interest would be $1,219.03 for 180 months. Payment shown does not include amounts for taxes and insurance. Actual payment obligation may be greater. The annual percentage rate (APR) on the loan would be 3.369%, which is the cost of credit over the term of the loan expressed as an annual rate. Interest rate shown is the rate currently in effect.  APR offer does not take into account additional loan-specific finance charges or discount points you may be required to pay. Your final APR may also be adjusted based on factors including, but not limited to, loan amount, loan type, occupancy type, property type, loan-to-value ratio and your credit score.  

    15 year fixed rate mortgage: Construction (IL)
    A $175,000 15-year fixed rate mortgage, with an interest rate of 3.125% and 20% down payment, principal and interest would be $1,219.03 for 180 months. Payment shown does not include amounts for taxes and insurance. Actual payment obligation may be greater. The annual percentage rate (APR) on the loan would be 3.353%, which is the cost of credit over the term of the loan expressed as an annual rate. Interest rate shown is the rate currently in effect.  APR offer does not take into account additional loan-specific finance charges or discount points you may be required to pay. Your final APR may also be adjusted based on factors including, but not limited to, loan amount, loan type, occupancy type, property type, loan-to-value ratio and your credit score.  

     

  2. Disclosure for a 3 Year Balloon Lot loan: OH, PA, MI & WI
    For example, a $60,000 fixed rate loan with an interest rate of 3.50% and a 15 year amortization schedule at 4.541% initial APR and a balloon payment due in 3 years and 35% down payment will have 35 payments of $ 428.93 and 1 payment at $50,805.06. Payments shown do not include amounts for taxes and insurance. Actual payment obligations may be greater. The annual percentage rate (APR) on the loan is the cost of credit over the term of the loan expressed as an annual rate. APR is subject to increase after loan closing. APR and closing cost offer do not take into account additional loan specific finance charges or discount points you may be required to pay. Your final APR may also be adjusted based on factors including, but not limited to: loan amount, loan type, occupancy type, property type, loan-to-value ratio, and your credit score. APR and payments are calculated with 0.25% reduction in interest rate and margin for payments made with automatic funds transfer (AFT) from a FirstMerit account. APR and payments will be higher without AFT. 

    Disclosure for a 3 Year Balloon Lot loan: IL
    For example, a $60,000 fixed rate loan with an interest rate of 3.50% and a 15 year amortization schedule at 4.412% initial APR and a balloon payment due in 3 years and 35% down payment will have 35 payments of $ 428.93 and 1 payment at $50,805.06. Payments shown do not include amounts for taxes and insurance. Actual payment obligations may be greater. The annual percentage rate (APR) on the loan is the cost of credit over the term of the loan expressed as an annual rate. APR is subject to increase after loan closing. APR and closing cost offer do not take into account additional loan specific finance charges or discount points you may be required to pay. Your final APR may also be adjusted based on factors including, but not limited to: loan amount, loan type, occupancy type, property type, loan-to-value ratio, and your credit score. APR and payments are calculated with 0.25% reduction in interest rate and margin for payments made with automatic funds transfer (AFT) from a FirstMerit account. APR and payments will be higher without AFT.