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

 

Construction Loan Rates

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Loan Term Interest Rate APR Discount Points Ex: Loan Amount Ex: Monthly Payment
30-year Fixed Rate Construction 3.50% 3.570% 0.375 $300,000 $1,347.13
15-year Fixed Rate Construction 3.25% 3.340% 0.125 $300,000 $2,108.01

Interest Rates Effective: 10/21/2021

Assumes a custom construction of an owner-occupied single-family residence with a loan amount of $300,000 based on a finished value of $400,000.  Loan terms include a 12-month construction period with interest only payments based on funds as they are used for construction.  Converts to a monthly fixed P&I payment at the end of the construction period.  APR *(Annual Percentage Rate) is based on loan amount and interest rate. Examples of monthly P & I payments quoted include principal and interest only. Actual payments may be higher if they include taxes and insurance. Rate, terms and fees are subject to change without notice. Subject to credit approval. Ask us about additional available loan programs. 

Get a Custom Loan Quote

Please provide the following information so that we can provide multiple options tailored to your needs.

Zip code is required to assess if it is a jumbo loan. We serve all of Washington.