First Federal Savings Bank - Lending Services

Home Building

Building your own home is a lifelong dream for many Americans. First Federal Savings Bank can help you reach that dream with new construction programs and Home Building Seminars that can simplify the process and take the guesswork out of financing options. Our experienced Loan Officers can help you to make your dream a reality with our Single Close Construction/Permanent Loan, or our 7-month rate lock End Loan. We can also finance the purchase of your vacant lot, when your home building plans are still in the future. Which one is best for you? Use the table below to find out:

What it offers

Why you may choose this service

One Closing Construction & Permanent mortgage

CONTROL:

		You work directly with your builder and approve all payouts
		You lock your interest rate at application
		You pay interest only for your 6 month construction term, only on the funds used

		If you own your lot and want to be involved in the construction process
		Only one closing gives you the peace of mind of knowing exactly what your interest rate and payment are
		Your loan will automatically convert to permanent payments when your home is complete

"Turnkey" End Loan
(Builder finances construction)

SIMPLICITY:

		Your builder controls the construction process and you purchase the home when complete
		You protect your rate from market increase with our 7 month rate lock
		You close only when the home is complete, no payments until you move in

		If you are purchasing the lot and the home from the builder, and your builder is willing to handle the construction process
		You get the assurance of an up front loan commitment and interest rate protection, with the ease of a "turnkey" home.
		All the joy of building a new home, without the complication of the construction process.

Lot Loan

SAVINGS:

		Lot financing when you need it, before prices go up
		Closing costs that may be applied to your construction loan

If you have selected your lot and you want to lock in your price and location even though you don't intend to start building immediately.

Both our Construction/Permanent loan and our 7-month rate lock End loan are available in a wide variety of loan programs. For your convenience, download an application or estimate your payment. For more information, Contact our branch near you or E-mail us—we look forward to hearing from you.