Home Construction or Renovation

Loan Options for Building or Renovating

Construction Loan

• 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

1. How long will it take to qualify for a home mortgage loan? 
   • In most cases, you will have a preliminary decision within 24 hours.
2. 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
3. How much does it cost to pre-qualify?
   • No fee for pre-qualifications
4. How do your rates compare to other lenders?   
   • Security Federal Bank uses current technology and market experience to offer current and competitive rate offerings.
5. 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. 
6. When can I lock my interest rate?
   • Once you have approved executed plans and specs with your builder and an executed contract.