When you’re building a brand new home or making major renovations, your financing needs go beyond a simple mortgage. Our bankers will work with you to find a construction-to-permanent loan that takes every phase of your project into consideration, all wrapped into one loan and one closing.
Streamline your lending needs with a
This versatile loan is a great choice if you're:
- Building a home from the ground up
- Making renovations
- Working with a general contractor
- Buying land first (or already own land)
A Webster Mortgage Banking Officer is here to help you choose one of four financing solutions1:
- Purchase/Construction: The loan will cover the purchase of your property and the cost of construction.
- Purchase/Home Improvement: The loan will cover the purchase of an existing home and any renovations you'd like to make.
- Refinance/Construction: If you own the land you’re building on, the loan can be used to pay off your land loan or existing construction loan, as well as cover construction costs.
- Refinance/Home Improvement: If you own the property, this loan will pay off any existing mortgages on the home, as well as finance any renovations you’d like to make.
Why choose a construction mortgage?
This type of loan is perfect for anyone building a new home or renovating a home. It’s the one loan that can take you through the entire construction process and then converts to a permanent loan (your mortgage) when your home is complete and you’re ready to move in.
What kind of construction-to-permanent loan options are available?
We offer a range of options that can be customized to fit your specific financing needs. Loans are available in Connecticut, New York, Massachusetts and Rhode Island. A General Contractor is required for all Loan-to-Value (LTV) over 80% and you may be eligible for a maximum LTV of up to 90% with PMI.
Fixed rate mortgages are available for both conforming and jumbo loan amounts, with a 15 or 30-year term to choose from. Adjustable rates are available for both conforming and jumbo loan amounts, for a 30-year term.
What is the maximum conforming mortgage loan amount?
A conforming mortgage is the mortgage loan limit set by Fannie Mae and Freddie Mac. For single family properties in most counties, the conforming limit is $510,400 and any mortgage loan amount of more than $510,400 is a jumbo mortgage.
What is a Jumbo Mortgage?
This mortgage is for loan amounts over $510,4001 on single family properties. A Webster Mortgage Banking Officer can help you find a flexible lending option for your needs.
All loans subject to credit approval. Contact a Webster mortgage banking officer for full details of program. Program is subject to change without notice and may be withdrawn at any time.