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Home Improvement Construction Loans

Whether launching a major renovation, adding on to your home or building from the ground up, Home Improvement Construction Loans from SunTrust Mortgage are designed to help you finance the home you always imagined.

Advantages of Home Improvement Construction Loans:

  • One-time closing process can save on recording fees and other closing costs compared to having separate closings for construction and permanent loans
  • You may be able to avoid paying origination fees at closing with a higher interest rate selection
  • You pay interest-only payments on the outstanding loan principal during construction
  • Construction loans don't tie up builders' funds and could potentially reduce the cost of the home

What you’ll need to consider:

  • Single-unit, detached, primary residences and second homes are eligible
  • Construction loans may be for new construction, home improvements and new purchases, including teardown
  • Fixed-rate or adjustable-rate products with a one-time interest rate float down option
  • When construction is complete, the construction loan will convert into a permanent phase subject to meeting qualification standards of the permanent product; updated documentation may be required at the time of conversion
  • $3 million maximum loan amount available for certain loan programs (some programs have lower maximum loan amounts)
  • These loans are available in Alabama, Arkansas, Washington, D.C., Delaware, Florida, Georgia, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and West Virginia
  • Monthly payments of interest only will not reduce the principal owed
  • Adjustable Rate Mortgage (ARM) products have interest rates that may increase after consummation.

Call 877.907.1043, email us or find a loan officer serving your community to learn more about Construction-to-Permanent financing.

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