When you find the right piece of land and are ready to build, let us help!
Loan Options for Building or Renovating
- A 12 month interest only mortgage loan to cover the cost of constructing a new home on the borrower’s own land or on land that is being purchased. At the end of construction, the loan converts to a permanent mortgage product.
Renovation Loan (Purchase)
- A 12 month interest only mortgage loan to purchase and renovate. At the end of construction, the loan converts to a permanent mortgage product.
Renovation Loan (Refinance)
- A 12 month interest only construction loan to cover the cost to renovate the borrower's current home. At the end of construction, the loan converts to a permanent mortgage product.
Learn More by Exploring our Mortgage Calculators
Frequently Asked Questions
- How long will it take to qualify for a home mortgage loan?
- In most cases, you will have a preliminary decision within 24 hours.
- What Information is needed at Application?
- Photo ID
- Most recent YTD pay statement
- Two months most recent bank statements (include all pages)
- Two months most recent IRA/401K account statements (include all pages)
- Most recent 2 years W-2s
- Two years most recent federal tax returns (include all pages)
- Sales contract if purchasing or copy of deed if refinancing
- How much does it cost to pre-qualify?
- No fee for pre-qualifications
- How do your rates compare to other lenders?
- Security Federal Bank uses current technology and market experience to offer current and competitive rate offerings.
- How do I apply?
- You can complete the online application or give us a call to schedule an appointment with a local Mortgage Loan Originator.
- When can I lock my interest rate?
- Once you have approved executed plans and specs with your builder and an executed contract.
All loans subject to credit and collateral qualifications, property insurance and, if applicable, flood insurance are required.