Residential Construction Loans*
We are so pleased you have considered Sunrise Community Bank for your new construction financing needs. We have loan programs to fit just about every home and borrower's needs.
Best of all, you pay only ONE set of closing costs!!! ¹
Our loan program is designed to give you ample time to build your home. All Construction Loans are for 12 months. If you complete your home prior to the 12 months, you can modify your loan to its permanent phase, with no penalty.
Your loan amount can be increased or decreased at the end of the construction phase. If you lower your loan amount, we will re-cast your loan payments at no charge to you.
The permanent loan is your choice! Sunrise Community Bank offers many fixed, ARMs and interest only rate options. Sunrise Community Bank offers an extended rate lock² with a float down option. That's right if the rates are better when you are finished with construction you get the better rate!
Don't have 20% down? Not a problem with Sunrise Community Bank. We offer construction loans with as little as 5% down and during your construction phase you will not have to pay the monthly mortgage insurance payment! Ml payments won't begin until your house is complete!
We look forward to working with you and your builder on your construction project!
* Loans subject to credit approval¹ Extended Rate locks require an upfront deposit, fees vary depending on program.
² Borrower will be required to pay recording, pre-paid interest & escrow establishment at Modification
What to Bring With Your Loan Application
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