Local Bank South Alabama Construction Loans

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Construction Loans

Fill out the form below or call us today 251-301-8518 for more information, or start an application!

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251-301-8518

Conventional Loans
Available on 15-and 30-year fixed conventional, high balance and 7- and 10-year ARM options
Eligible on primary, second and investment property purchases and rate/term refinances
Loan amounts up to the conforming loan limits
700+ FICO, up to 95% LTV
DU eligible
11-month maximum build period with 1-month modification period
Interest-only monthly payments during the build period

VA Loans
Available on 30-year fixed loans
Loans up to $4M
Eligible on primary home purchases and cash-out refinances
580+ FICO, up to 100% LTV
DU eligible
11-month maximum build period with 1-month modification period (build period is deducted from the loan term)
No monthly payments during the build period

Purchase the lot and build the home with the above products!

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This product is not eligible on attached condominiums, cooperative properties or temporary rate buydowns.

Financing Eligibility

Available through FHA & VA
A minimum qualifying credit score
15 and 30 Year Fixed Rates available
1 Unit Single Family Residences, Doublewide and Triplewide Manufactured Homes and Modular Homes permitted

Zero Down Construction Loans

Our consistent record of growth and out ongoing builder relationships attest to our success in new constructions. When working with Local Bank Mortgage, you have a loan professional who understands new construction and the challenges that developers and their clients go through that come with building your new dream home. We'll do out part to ensure you are qualified and close when your home is finished.

Benefits Include:

1 unit Primary and 2nd Homes
10% soft costs at closing available
Long term lock available (120-day, 180-day, 270-day, 360-day)
Permanent loan finance (FHA, VA, USDA, Conforming Conventional, High-balance Conventional)
Build on own lot/land
Build on builder's lot
Purchase an existing lot combines with construction loan
Roll in ALL closing costs for construction

For More Information

Local Bank Mortgage Alabama

1710 Main St. Daphne, Alabama 36526

(251) 301-8518