Construction Loans

The One-Time Close Loan

This loan is designed to finance the construction or major remodel of a primary residence or second home. From buying the lot and providing construction financing to converting into a permanent mortgage, the One-Time Close Loan provides a smooth home building and buying process. Some of the valuable features of this loan include:

  • No construction fee means you could save and possibly qualify for more
  • Construction period of 6-12 months followed by 30/15-year fixed loan terms
  • No individual draw or inspection fees
  • Owner occupied or second home
  • Detached single family residence (SFR and 2 unit transactions, manufactured homes not permitted)
  • One set of closing costs
  • Monthly payments required at interest-only during construction period
  • After construction period, loan converts automatically to permanent financing
  • “Ceiling Rate” locked for up to 360 days – no upfront deposit required, interest rate float down allowed
  • No charge to customer for monthly draw inspections during construction period

The Two-Step Close Loan

This loan program allows for the flexibility needed when working with a manufactured home dealer. Whether you own your own land, or need to purchase a new lot, Evergreen will finance the purchase, delivery, installation and setup of your new manufactured home. Loan details include:

  • Only available on owner occupied new manufactured homes (moving an existing manufactured home to a new lot is not permitted).
  • Interest only payments on amount advanced during construction term.
  • Fixed Rate construction loan for period up to 12 months — after installation and setup is complete, loan must be refinanced to new permanent financing.
  • Evergreen will pre-approve you for your new permanent financing.
  • Manufactured home must be set-up on a permanent foundation and classified as “real property”.

Take the first step. Contact us for more information on these exciting programs.