Building your own home is exciting and we're here to help!
One-Time construction closing:
- Single approval process combines the home construction loan and the permanent loan in one.
- Lower loan costs. You save money by paying reduced closing costs once at modification.
- Up to 12 months to complete the home.
- Interest is accrued only on the amount advanced.
- Rate is locked up to 375 days prior to the close of the construction loan. If you lock more than 100 days, and then the rate drops within 55 days of closing your permanent loan, you will have the one-time opportunity to reset your loan to the lower rate.
- Origination fee for loans up to $453,100 is 1% of loan amount with a cap of $1,500 at construction closing.
- Origination fee for loans greater than $453,100 is capped at $2,500 at construction closing.
- Eligible property types: 1 unit owner occupied (primary and vacation homes)
- Convenient access to funds.
- Think retains servicing of the mortgage.
- Lot loans (origination fee is credited at time of construction)
- End financing available (for properties with builder-carried construction financing)
Building a home is a bit more complicated than buying one. Download this simplified 1-page guide that explains the process.
How to apply:
Construction loans are available for properties in Minnesota to existing customers, or new customers who live or work in Minnesota.