Explore Home Construction Loans in VA & NC
Home Construction Loans are a type of short-term financing that covers all the costs associated with building a new home. There are two types of Construction Loans:
- Construction-only Loan: Short-term financing, usually for up to a year. Can make interest-only payments during the term. Must be paid off at the end of the term, usually with a new mortgage loan on the house.
- Construction-to-Permanent Loans: Starts out as short-term financing and then converts to a longer term mortgage after the new house is built. Offers the convenience and cost-savings of not going through a second mortgage application process and closing.
Start the application process today – meet with one of our lenders to apply for a construction loan:
When To Use A Construction Loan
Construction loans are most often used to build a custom home from the ground up. They can also sometimes be used to gut renovate a fixer upper home.
Alternatives To A Construction Loan
If you currently own another home that you plan to sell after your new home is finished, you could potentially leverage that home to finance construction. Check how much equity you have in your current home to see if a cash-out refinance, home equity loan, or HELOC could be a viable alternative to a home construction loan.
Why choose American National Bank as your construction mortgage lender?
With local, knowledgeable mortgage bankers, you benefit from quick turnaround times by people who know the market. American National’s tradition of community banking dates back over a century to our founding in 1909. We believe being local is more than just having an office in the community. It's about looking out for our customers with better banking options and quick, local decisions. Whatever type of home financing you’re looking for, we are here to help you achieve your goals. We know that it’s not just about getting a mortgage; it’s about building the life you want. With multiple banking locations in Virginia and North Carolina, we are proud to be your community's hometown mortgage lender.
Contact us today for a complimentary quote or a mortgage pre-approval appointment! Have questions? Contact a member of our local mortgage lending team today.