Farm Credit Mid-America
BDASI Member Details
Construction Loans We offer a one time closing. At Farm Credit, your construction loan is also your permanent financing. With us, there is no construction period that requires refinancing when the project is done saving you time and money. You can lock-in your loan with fixed rate financing prior to completion. During the construction process, you have the option to lock-in your loan from variable to adjustable or fixed rate financing. We allow up to one year to complete your project. Many lenders require that you finish your build within a six month window. We allow a full year for your project to be complete – allowing time for weather and uncertainties. We allow you the flexibility to pick your own builder. Many lenders have an approved list of general contractors so you have less options when shopping for your new home. We believe that it is your decision on who you choose to build your home. If you have experience and well-documented plans, you can even be your own self-contractor. We offer a flexible draw schedule tailored to your builders needs. Our specialized lending staff are there to work with you and your builder to meet your needs. We have experience in construction lending – Our specialized lending staff understand the ins and outs of construction lending and are ready to answer any questions that you have during the process. Our local offices coordinate inspections and draws and will be there with you throughout the construction process. We allow the land to be used as equity. Unlike many lenders we allow the land your home sits on to be used as equity for part or all of your down payment requirement. We understand the value in your land and count it towards what you would have to bring for down payment instead of simply basing your down payment off your dwelling value.