Construction Loans

Residential Construction

When you build a new home, you’re helping build our community. We want to make financing your construction project as simple as possible. Bank of Belleville offers loan programs fit for every home and borrowers’ needs, and our experienced team members will help guide you through every step of the process.

 

Construction Loan Program

Bank of Belleville’s loan program is designed to give you ample time to build your home. All construction loans are for 12 months, and if you finish building in less time, you can modify your loan with no penalty. You can adjust your loan amount at the end of the construction phase, and we will re-cast your payments at no charge.

We offer many fixed, ARM, and interest-only rate options. We offer extended rate locks* with float-down options. That means that if the rates are better when you finish construction, you will receive the better rate. Best of all, with Bank of Belleville, you only pay ONE set of closing costs! **

*Extended rate locks require an upfront deposit. Fees vary depending on program.

**Borrower is required to pay recording, pre-paid interest, and escrow establishment at modification.

 

What to Bring to Your Loan Application

  • Driver’s license or photo identification
  • Current three months bank statements
  • Current 401(k) or IRA statement (if applicable)
  • Last two year’s W2’s
  • Purchase agreement or deed to property
  • Legal description for property
  • Survey of property (if applicable)
  • Contract with builder
  • Plans and costs breakdown
  • Self-Employed Borrowers: Bring past two years business and personal tax returns

*All loans are subject to credit approval.