Your Ozark Bank lender is available and ready to help you every step of the way in securing a construction loan. Ozark Bank has been helping the mid-Missouri community build their dreams for over a century. NMLS #712092
*2 business days after complete application submission, subject to verifications
A residential home construction loan is a type of loan provided by Ozark Bank specifically designed to finance the construction of a new home. It provides funding for the construction process, including materials, labor, and other related costs.
With a residential home construction loan, the loan funds are disbursed in stages or "draws" as the construction progresses. Typically, the borrower pays interest-only payments during the construction phase, and once the home is completed, the loan can be converted into a permanent mortgage or paid off in full.
Generally, you will need to provide detailed construction plans, a cost estimate from a licensed contractor, proof of income and assets, and a good credit history.
Yes, a down payment is required for a residential home construction loan. The amount of the down payment may vary, but it is typically a percentage of the total project cost. Please reach out to one of our professional lenders to determine the specific down payment amount based on your individual finances.
A construction loan is specifically designed to fund the construction of a new property, such as a residential home or a commercial building. It provides financing for the construction process, including materials, labor, and other related costs. On the other hand, a mortgage is typically used for purchasing an existing property.
To get started, simply contact us to schedule an appointment with one of our lenders at one of our local community branches.