New Construction Specialist

Our business model includes the process builders and new construction clients need.

We understand the needs of a builder when it comes to financing deals 120-to 180 days from contract. We also have tools in place to make financing easy for clients.  We are the Right Choice for New Construction

  • Weekly Updates to Agents, Sales Managers and clients – allows for clear communication to hit settlement dates when Certificate of Occupancies are completed
  • Closing Disclosures released prior to Certificate of Occupancies
  • In House underwriting – 24 hours – can be done early in the process to provide strong timely commitments
  • 6 month locks for the customer with no fees – take the fear out of where rates will be when house is completed

Great Loan Products

  • Jumbo loans up to 90% Loan To Value
  • VA Products
  • FHA Products
  • Conventional products
  • USDA Products

Construction & Renovation Loans

Build, remodel, or renovate the home of your dreams.

Construction Loan Programs
A construction loan is a temporary line of credit that covers the cost of building a home or completing a major renovation project. With a construction loan, funds are paid by the lender to a contractor – not the borrower – as construction project milestones are reached. After construction is complete, the loan is either converted to permanent financing or paid in full.

Financing that Works for You

Talk to us about what you envision for your new home, and we’ll help make it happen. Our construction loans can be used to purchase a lot and finance construction, or build on land you already own. You can also use a construction loan to make extensive renovations to your existing home, finance a fixer-upper, or even tear down and rebuild your dream home from the ground up.

One-Time Close Construction Loans
Secure both the construction and permanent financing for your home in one easy closing process.

  • Lock in your permanent loan rate at origination – No interest rate risk during the construction process
  • Make interest-only payments during the construction phaseAvoid paying upfront origination fees
  • Determine loan amount based on the after-completed appraised value of the home
  • Available on owner-occupied, second or vacation properties
  • Save time and money: A one-time close means just one qualifying process and one set of closing costs for both loans
  • In-house draw servicing means you’ll work with the same group of experts from application to closing
  • Flexible loan terms with a variety of options available for the permanent loan
  • Get the funds you need with loan amounts up to $3 Million for qualified borrowers

Two-Time Close Construction Loans
Finance construction of your dream home with two simple loans: an initial, short-term construction loan followed by a separate, long-term mortgage on the completed project.

  • Enjoy greater flexibility to modify plans or increase loan amounts during the project
  • Rates are generally lower on the long-term mortgage
  • Extended Rate Lock options offer added protection against market changes
  • Make stable, interest-only payments during the construction phase
  • Available on owner-occupied, second, or vacation properties
  • Opportunity to switch to a lower rate once construction is complete
  • In-house draw servicing means you’ll work with the same group of experts from application to closing
  • Flexible loan terms with a variety of options available for the second loan
  • Get the funds you need with loan amounts up to $3 Million for qualified borrowers

Home Loans for Renovations and Remodeling
Whether the home you’re looking to buy or currently own needs major structural repairs, smaller cosmetic changes, or even a few luxury updates, First Heritage Mortgage can help make the process simple and affordable.

Common Types of Construction Loans
We offer a number of loan options that cover minor changes to major rehabilitation, all included in one mortgage payment.

Conventional Renovation Loans
Save time and money by financing the purchase or refinance of a home plus the cost of improvements into a single loan. With as little as a 5% down payment, you can make necessary repairs or add your own style with projects like a new kitchen or bathroom, energy efficient upgrades, or luxury features like a pool or sauna.

  • 5% minimum down payment for owner-occupied primary residences
  • Second or vacation homes and investment properties are also eligible
  • Cosmetic and structural renovations allowed
  • Loan amount based on “as-completed” appraised value of the home
  • Popular option for investors purchasing fixer-uppers

FHA 203(k) Renovation Program
The Federal Housing Administration (FHA) offers loans specifically for renovation. FHA 203(k) loans are designed to fund a primary residence including repairs in one mortgage, with a minimum down payment of 3.5%.

  • Purchase or refinance
  • As little as 3.5% down payment
  • Flexible qualifying criteria
  • Different options allow for projects ranging from small cosmetic repairs to major remodeling and structural renovations
  • Mortgage +Plus℠ down payment protection coverage from First Heritage
  • Mortgage included at no additional cost on purchase transactions

Jumbo Renovation Financing

If you’re planning a major renovation project such as a full addition, or already know the value of your home is above the conforming loan limit in your area, we can help.

Our Construction Loan Programs might be the right choice for your project.
FHA 203(k) Renovation Loans

203(k) renovation loans are designed to help borrowers finance home repairs plus the purchase or refinance of a primary residence. Backed by the Federal Housing  Administration (FHA), these loans allow a variety of home improvements and feature as little as 3.5% down payment plus low closing costs.

FHA 203(k) products to fit your needs: the FHA Standard 203(k) program and the FHA Limited 203(k) program.

FHA Standard 203(k)
This program provides flexible financing for major renovations to be made on a new or existing home. The minimum repair amount is $5,000, and there is no set limit for maximum cost of repairs.*

  • Roll 6 months of payments into the loan
  • Eligible projects range from cosmetic updates to major structural renovations and full additions
  • Available for purchase or refinance
  • Loan amounts up to 110% of the home’s after-improved appraised value

Commonly financed projects include:

  • Full remodeling of kitchens or bathrooms
  • Structural alterations and additions
  • Major landscaping work and site improvements
  • Permanent improvements to the home
  • Interior and exterior paint
  • New carpets or flooring
  • Plumbing repairs or replacement, including well or septic system installation
  • Energy efficient upgrades
  • Appliance replacements or upgrades
  • Window and door replacements
  • Add or replace roofing, gutters, and downspouts

*Speak to an expert for a full list of eligible home improvements and full program details.