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7389 Florida Blvd. Suite 200 A
Baton Rouge, LA 70806
USA

225-328-0205

CONSTRUCTION LOANS

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Want to build your dream home from the ground up? Want to repair or renovate your current, next or second home?

GMFS Mortgage offers flexible home construction loans that often are less costly than other financing options. Plus our processing, underwriting, and closing teams are all under the same roof making for smooth and predictable closings.

One Time Close Construction Home Loan

Loan to build a home or for home renovation & repair

Min. Down Payment = 10% for primary residence

Interest rate is capped on permanent loan

Interest only loan during construction, then modifies to 15 or 30 year fixed rate loan once home is complete

Eligible for Primary residence

Up to $453,100

Maximum renovation funds = 50% of “as completed” value

Borrower chooses contractor, subject to GMFS approval (current approved contractor list)

One (1) closing

Interim Construction Home Loan

Loan to build a home or for home renovation & repair

Min. Down Payment = 10% for primary residence

Can use land value equity towards down payment

12 month interim loan to complete construction, then refinance into 15 or 30 year fixed rate

Eligible for Primary residence

Up to $453,100

Maximum renovation funds = 50% of “as completed” value

Borrower chooses contractor, subject to GMFS approval (current approved contractor list)

Maximum renovation funds = 50% of “as completed” value

Two (2) closings

HomeStyle® Renovation Home Loan

Loan to build a home or for home renovation & repair

Min. Down Payment = 5% for primary residence / 10% for second home

Interest rate is locked at close

15 or 30 year fixed rate loan

Eligible for Primary residence or second home

Up to $453,100

Maximum renovation funds = 50% of “as completed” value

Borrower chooses contractor, subject to GMFS approval (current approved contractor list)

Do-It-Yourself option in some limited scenarios

One (1) closing