HOME

ABOUT US

LOAN RATES

CONSUMER
TIPS

PRIVACY

CONSTRUCTION LOAN OPTIONS

Found the perfect site to build your dream home?  Secure the land today with a low cost 1st National Bank lot loan. Thanks to our convenient 3 yr. term, you can begin construction when you're ready at a later time.
Rates as of 10/30/08

Lot Only Loan
TERM	RATE	POINTS	APR*
3 Year Balloon	6.40%	1.00%	7.019%
15 Year Amortization
1 yr. interest only option also available
Maximum LTV = 75%
Closing Costs = $700
*APR assumptions are based on $100,000 loan amount Rates are based on U.S. Treasury Yield + 4.50%

 

Lot and Construction Loan
	MARGIN**		TERM	RATE	POINTS	APR***
Homeowner*	2.00		12 mos.	6.00%	.50	7.07%
Maximum LTV					85%
*Closing Costs = $900.00 + Inspection Fees **Current Index is the Wall Street Journal Prime Rate currently at 4.00% ***APR based on $100,000 and 12 month term

Construction Loans are set up on a 12 month  term with interest only monthly payments based on the funds as they are used.  Self-contracting (building) is available upon review and approval by 1st National Bank. Also offered is construction/permanent financing whereby when the construction period is complete, the loan converts into a fixed rate mortgage if borrower meets Secondary Market Guidelines, or a variable rate mortgage retained for our in house loan portfolio.  This option  may reduce the overall closing costs by eliminating the need for a 2nd closing when the home is complete.

Conversion Option: After construction is complete and prior to the end of the 12-month term, the borrower may convert to a fixed rate loan, subject to conforming loan guidelines for a $250 conversion fee.  The fixed rate is based on the quoted FHLMC 30-day fixed net required yield for mandatory delivery. 
Maximum loan amount is $417,000.00