Construction Loans

Build the home of your dreams

Deciding to build the home you’ve always dreamed of is exciting and offers the ability to customize every detail to fit your individual taste. An important aspect of building your home is the financing, and Georgia’s Own can help. Georgia’s Own offers single-close construction loans for primary residences. When you choose Georgia’s Own for your construction loan financing, you have an immediate partner to help you track your project every step of the way.

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Features

Based on the appraised value or purchase price, whichever is lower for single family homes
Interest-only payments during the construction process
15-, 20-, or 30-year fixed rate after*

*A mortgage loan financed for 20 years @ 2.75% APR would have a monthly payment of $1,355.22. The preceding information is an example only. Your terms will be based on your individual situation. Eligibility requirements, closing costs, and fees may apply.

Frequently Asked Questions

Have a question about our construction loans? We’ve got answers.

What is a single-close construction loan?

A single-close construction loan is a home mortgage that can be used to close both the construction loan and permanent financing of a new home at the same time. With a single close construction loan, the process is streamlined–a single mortgage loan originator, a single loan, and a single closing process.

What is the process for a construction loan and how do I use it?

Once the Construction Specialist receives a draw request, a draw inspection is ordered and upon receipt, an inspection is completed to verify the work completed by the builder. If satisfactory, a check is paid to the borrower. Draws are used for the building of the home and excludes home décor, furniture, and other home furnishings that cannot be financed in the construction loan.

Do I pay anything during the process?

You make interest payments.

How long does it take to build a house?

Ideally, new home construction is completed within about 12 months with a general licensed contractor. The performance is dependent on the builder, and we realize unforeseen circumstances may happen. If the building process exceeds 12 months, contact your Georgia’s Own Mortgage Lending Officer who will advise on next steps.

Can I do any construction work myself?

No. Your builder must complete all the work.

Can I use a loan for an investment property?

No. Investment properties and “spec” homes are not eligible.

Can I still get a loan if I don’t own land?

Yes. Your land purchase can be rolled into your one-time transaction and covered in your single closing.

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