Building a new home or purchasing a home under construction is a big commitment, requiring time and money. Fortunately, we offer great solutions to help you save both.

If you are planning to build a new home...

The “One-Time-Closing Construction to Permanent Program” is approved and closed before construction begins. You'll save time and money with one closing, one set of closing costs, and one loan.

During construction, you'll pay interest only on the total funds used. And your permanent loan rate is locked up front and guaranteed for the term of a mutually agreed upon construction phase.

If you are renovating an existing home...

The “Renovation & Repair Program” is a single-close loan designed for this purpose. Financing is available for a purchase or refinance and the loan amount is based on the “at complete” value of the home.

For information on either of these programs, contact a Regions location near you. The information below is a brief overview of these two products.

Terms: Construction Phase: 3, 6, 9, 12, or 18 month
                 Loan Products: 1, 3/1, 5/1 ARM loans, and 30 year Fixed Rate loans
                 Conversion/Modification Phase: 1, 3/1, 5/1, 7/1 and 10/1 ARMs term
                 10-30 years fixed rate term

Loan-to-Value:  Loan-to-value refers to the ratio of the mortgage loan's principal to the property's appraised value or its sales price, whichever is lower. Maximum LTV of 90% (may go to 95% with lender approval).

Loan Amount Limits:  Maximum Loan Amounts to $2,000,000.

Sample Payment Schedule