Addition Financial's one-time construction to permanent mortgage loan provides members with both interim construction financing and permanent loan financing all in one mortgage.
It's one loan for one home. Addition Financial's Construction to Permanent loan can be used to finance construction costs as well as for the mortgage once your home is move-in ready.
When it comes to building your dream home, count us in! The Construction to Permanent loan removes the complication of dealing with more than one loan type when creating and owning your home.
We want you to feel prepared as you navigate this application process. Download this checklist to learn about what you'll need to have on-hand once you've hit "submit".
Break ground on a Construction to Permanent loan with Addition Financial and feel the confidence of simplified financing during your home-building journey.
Anyone who lives, works, worships, attends school or vocational training, or is an alum of any college, university, or educational institution located in one of our select counties may join. View our "Become a Member" page for full eligibility.
When you're ready, complete the online application or visit your branch to apply in person.
Term Payment | Rate "as low as" | APR "as low as" | Example loan amount | Example monthly payment |
10 years | 7.750% | 7.969% | $300,000 | $3,604.14 |
15 years | 7.875% | 7.969% | $300,000 | $2,849.67 |
20 years | 8.250% | 8.328% | $300,000 | $2,561.37 |
30 years | 8.500% | 8.562% | $300,000 | $2,312.94 |
*Rates are based on credit application processes. Addition Financial construction loans are construction-to-permanent loans allowing a 12- month construction period. Once construction is complete, final certificate of occupancy issued, (CO), the loan automatically converts from construction to permanent. In the event construction extends past the 12-month period, original rate lock will expire and relocked at current market rate.
During the construction phase, Addition Financial will conduct draws to the builder at certain phases of the project. During project phase, members are responsible for interest-only payments. Payments are based on total amount of money advanced by Addition Financial to the builder. Payments to builder are contingent upon passing required inspections. During the project phase, the interest-only payments will vary and be determined by total amount paid to the builder. Payment examples above are provided for the permanent phase of the loan. These payments include principal and interest. At closing of loan, Addition Financial will collect to cover costs of inspections and builder disbursements. Funds remaining after CO is issued can be refunded to the member.
Jumbo Loans available on loans greater than $806,500. Consult a Real Estate expert for details.
Taxes and insurance are not included. Your actual payment at final construction will be higher.
Construction to Permanent Loan
As low as
Take the guesswork out of homebuying! Use our easy-to-use mortgage calculator to estimate your monthly payments and find the right loan for your budget. Start planning today!
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