Build with a General Contractor
You have a builder, the lot, and the plans! Now you need the construction loan to bring it all together.
Single Close Loan
One set of closing costs; automatically converts to permanent financing
Competitive Rates
Fixed and adjustable rates available
Five Draw Schedule
Additional draws available (fee will apply)
Act as your own General Contractor
You have the dream, the plan, and the ability. Now you need the construction loan to bring it all together.
Single Close Loan
One set of closing costs; automatically converts to permanent financing
Competitive Rates
Fixed and adjustable rates available
Six Draw Schedule
Additional draws available (fee will apply)
Lot Equity
Equity can be used towards your down payment
Acreage
Lots up to 25 acres are eligible
Apply for a Loan in 3 Easy Steps
Contact a Loan Originator
Your Loan Originator will discuss your next steps and provide you with construction loan information
Gather your Documents
Submit all of your construction project items and then apply for your loan
Move to Loan Closing
Your Loan Originator and lending staff will guide you through the approval and closing process. Then the construction department will be available for the construction phase of your project
Bring Your Community Bank Wherever You Are
Do all your banking from the palm of your hand.
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View balance information -
Review detailed account activity -
Transfer funds between your Accounts -
Pay bills -
Find an ATM or branch near you -
Manage you card- lock and unlock your card -
Set up and manage travel plans
Check out our renovation loan
Frequently Asked Questions
Approximately 30 days. This timeline could potentially be shorter depending on the scenario and the response of the applicant when submitting required documents.
Construction loans are a bit more complex and usually take approximately 45 to 60 days.
Proof of credit worthiness and acceptable credit score, proof of stable income and assets, and down payment.
No prepayment penalties.
First Federal Savings of Lorain retains servicing on most loans originated, however that could be subject to change. We are your local community bank always here to provide service to you even after you loan closes and for the remaining term of your loan.
Private Mortgage Insurance (PMI) is usually required for lower down payment scenarios to protect the bank in the event the borrower defaults on their loan.