Construction Loans

Do you need a construction loan to finance building a new home? Or are you planning an extensive renovation on your current home? 

First Fed’s mortgage lending experts can help you with your construction financing. Our local Washington team can provide comprehensive solutions, with options to cover the cost of the land, contractor labor, building materials, permits, and even a contingency reserve for unexpected expenses or upgrades.  

We offer competitive rates and terms so you have a monthly payment you can afford. All construction loans include an interest only construction period, and then convert to a permanent loan with no need to refinance.  


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To learn more about the rates and fees that apply to our construction loan, click to view CHARM Booklet and Early ARM Disclosures.

Need more information? Connect with us today and let our Mortgage Lending Team help you build your new home!


Special Buy and Refi Offer

Build with us! After your new home is built and if rates drop, you’ll get a credit up to $5,000 off the refinance closing costs with First Fed.

How it works:

  • Buy with First Fed 
  • If rates fall and you are ready to refinance, apply with First Fed.  If the transaction meets all of the terms of eligibility, you will receive a half point (0.500%) lender credit towards your closing costs.

Terms of Eligibility:

  • The refinance will pay off a current First Fed Portfolio Mortgage. OR
  • The refinance will pay off a purchase or construction mortgage originated by First Fed Bank with a funded date on or after 01/01/2022 through 06/30/2024.


  • Application date for the refinance must be 150 days or more after the funded date of the initial mortgage and prior to 12/31/2025.
  • The refinance transaction must be for the same property as the initial mortgage.
  • Land/lot loans are not applicable.
  • The refinance transaction must be a fixed rate loan.  
  • No restrictions on loan type (conventional, USDA, VA, etc.)
  • No restrictions on occupancy.
  • The refinance transaction must meet all terms of eligibility and underwriting requirements for the selected product, program, and investor guidelines at the time of refinance.

Refinance Credit Offer Terms

  • A general lender credit of 0.500% of the total refinance loan amount will be credited to the loan closing costs, not to exceed $5,000.
  • The credit will be applied on the Closing Disclosure after the loan has met all terms of eligibility stated above.


Get a Custom Loan Quote

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