Construction loans include short term loans to the individual homeowner to construct their proposed new homestead or weekend home.
CommunityBank of Texas offers to the individual homeowner a short term note (12 month +/-) that is interest only monthly. The loan is a draw note and advances as work on the home progresses and is in place. A general contractor must be used and the homeowner cannot act as thier own contractor. Construction loans can be as high as 85% (the lesser of loan to cost or appraised value). The loan to value is governed by loan dollar size. This construction loan product requires that the permanent financing be available and verified either through communitybank of texas or another financial institution/mortgage company. If you are interested in this product you may also have interest in the “one-time-close” construction-to-permanent product which is discussed under the mortgage tab.
Ask for more details on the product terms by contacting the mortgage division closest to you (Beaumont region at 409-861-7225) or (Houston region 713-210-7653).
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*Certain conditions may apply.