Residential Construction Loans

Yes! We make construction loans! Our program is designed to provide you with convenience, especially at the end of the construction phase and the beginning of the permanent mortgage. During construction, your payments are for interest only. We can provide for construction financing alone as well as flexible options with a wide variety of product and rate lock options, fixed and adjustable, for the permanent financing. Extended rate locks are available on long-term fixed rates within 180 days of completion of construction.

You should consider a Construction/Permanent Mortgage if you:

• Are ready to build a new home
• Are contemplating a major addition to your new or existing home
• Want flexibility in choosing your term, interest rate and closing cost options 
• Want the convenience of a single application and single appraisal for both the construction and permanent mortgage phases of your loan.

Special Items Needed: A full set of blue prints, cost of construction breakdown, copy of your building permit (when available), a copy of the contract with your builder, building specifications, septic plan approval, a copy of a water quality test, and a copy of the builder’s license. When required by the municipality, a Certificate of Occupancy must be obtained and forwarded to Hopewell Valley Community Bank when complete.

Here’s how it works. We are able to offer you the convenience of processing the construction and permanent phases of your home loan at the same time. Loans are coordinated by the staff of our Loan and Mortgage Departments, working together to save you time and money. Almost all of our conventional mortgage loans can be combined with a construction loan to create a customized loan package. That includes most jumbo, conventional fixed rate and adjustable rate loans—whichever meets your needs. You can obtain higher loan-to-value construction financing with an approved permanent mortgage loan.

Our program features a competitive interest rate during your home’s construction phase. Your only payments during construction will be interest on the amount drawn on your loan sufficient to pay your builder. Construction draws will be applied in stages based on work completed and will be verified by a knowledgeable bank inspector who will monitor the progress of your home’s construction. Permanent rates can be locked-in as early as the day you apply on adjustable and short-term fixed rate loan programs. Primary residences of nearly every type are eligible for our program when they are constructed by a Hopewell Valley Community Bank-approved builder.

To apply for a Hopewell Valley Community Bank construction loan, with or without permanent financing, download the Consumer Loan Application, then call Wally DeMoss at (609) 466-7399 to discuss our program with you.

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