A Construction-to-Permanent mortgage is used to finance the construction of your a home, lock in your interest rate and close before construction begins. Once construction has been completed, the CP loan converts to a permanent mortgage.

With a CP loan, you can buy land and build your house with as little as 5% down. You’ll only have one closing and one set of fees. No need to refinance.

How the CP Loan Program Works

  • Loan is made to the borrower.
  • 12-month build time from date of closing and funding.
  • Borrower is billed monthly for construction interest.
  • Builder paid closing cost allowed.

NOTE: Certain State restrictions may apply!

Credit Score Requirments

  • 95% LTV – Up to $850K – 720 FICO
  • 90% LTV – $850K to $1MM – 720 FICO
  • 85% LTV - $1,000,001 to $1.5MM – 740 FICO

Home Construction Loan Draw Process

The draw process is easy. Your builder will work directly with Goldwater Bank, N.A., to facilitate and complete your build. As the builder utilizes the funds - referred to as the draw process, you will make monthly payments to Goldwater Bank.

Construction rates are pre-determined on credit score and down payment amounts by each borrower before the building process begins. Once the process has started the borrower will make one (1) monthly payment during construction based off builder draws.