You make no payments during the course of construction. Once your new home is completed and a use and occupancy and/or final completion certificate is issued, your mortgage payments will begin.

The program allows your contribution to be as little as 3.5%; however, the total amount you may be required to invest will vary depending on a number of factors. These include whether or not you currently own your lot, the amount of your property tax bill and other considerations. In addition to the down payment, there will be closing costs associated with your new home purchase. The total amount your down payment plus closing costs can come from a range of sources including land equity, savings, investments, gift funds, seller contributions or a combination of more than one. Your mortgage consultant can help you realistically estimate the dollar amount you'll need.

Your cash investment is due at the time your loan closes; however, proof that you can raise the funds you will need is required prior to the approval.

We offer an extended rate lock with a free interest-rate float-down. Once your home is complete, you will have the option to modify your interest rate to take advantage of our current market interest rate (if that rate is below the rate at which your loan closed). Please contact your mortgage consultant as your home is nearing completion to explore this option.

The value of your lot can be included in the loan, and lot equity can be used as a down payment and/or for closing costs. If you have owned your lot for more than six months, or if it was a gift to you, we will probably use the appraised value of the lot. If you have owned your lot for less than six months, we will most often use the price you paid for the property. Please contact your mortgage consultant for details.