Thinking of building a new home? Citizens has a great loan designed especially for you! A Citizens Construction Loan offers a construction period of up to 12 months with flexible disbursements as the construction period progresses. Citizens also offers a unique Construction Loan program that allows you to combine the construction and permanent “end-loan” financing into a single transaction. You may select a fixed rate or an adjustable rate mortgage as your permanent end loan.

FEATURES

• There is no prepayment penalty.
• Make interest-only payments during the construction phase of the loan.
• Allows for multiple disbursements to your general contractor.
• You can easily make payments or view your loan activity with Online and Telephone Banking.
• You can process payments through Online and Telephone Banking by 6:00 p.m. and receive same-day credit.

LOAN OPTIONS

• Interest-Only Construction Loan - Once construction is complete the customer applies for a permanent loan. A second loan closing takes place.
• Construction-Permanent Loan - Once construction is complete, the loan automatically converts to a permanent loan thereby avoiding a second loan closing. You may select a fixed rate or an adjustable rate mortgage for your permanent financing.

Construction Completion/Purchase New Construction – The builder funds the construction of your new home. At the completion of the construction phase of the loan, funds are paid directly to the builder. You may select a fixed rate or an adjustable rate mortgage.