State Savings Bank

Construction Loans

State Savings Bank offers lot and construction loans to help professional homebuilders get projects off the ground. Our loan experts help you determine which loan best fits your circumstances and work with you throughout the entire process.

Lot Loan

If you’ve decided to purchase a lot but you’re not ready to begin construction, a lot loan gives you flexibility. Your loan repayment depends on your construction time schedule.

  • If construction is set to begin within 12 months of the lot purchase, your payments will be interest only.
  • If construction is set to begin more than 12 months after the close of the lot purchase, your payments will be amortized allowing you to gain equity as you prepare for construction.

 

Construction and Building Loans

If you’ve decided to purchase a lot and you are ready to begin construction immediately, a construction loan is typically our recommended option.  You pay a loan origination fee, a down payment and other applicable fees but your loan repayment is interest only based on the amount of money advanced.

  • Your allowable construction loan amount is determined by the cost of construction and the home’s appraised value as determined by a certified appraiser based on the house plans and specs you provide.
  • Draws on the construction loan can be made up to twice a month.
  • When you sell the completed home, the construction loan is paid off with the proceeds of the sale.

Please contact a State Savings Bank construction loan expert to schedule an appointment or discuss rates and other details at one of the following numbers:

State Savings Bank in Baxter: 641-227-3161
State Savings Bank in West Des Moines: 515-457-9533

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