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Construction Loans

Building Starts Here.

Explore financing options to build your dream home.

Apply for a Construction Loan

Dream it. Build it. Live it.

Whether you’ve found the perfect piece of land or you’re ready to bring your custom home plans to life, AmFirst is here to help. Building a home is different from buying one, and financing it should be just as thoughtful.

With a Construction Loan, you’ll finance the construction of your new home with a short-term loan. Once construction is complete, you’ll obtain permanent mortgage financing to pay off your construction loan. You may choose to finance your mortgage with AmFirst or another lender.

Our Mortgage Services team will guide you through each step of the process with confidence, supported by a local team that’s with you from groundbreaking to move-in day.

How It Works

1. Apply

Fill out our online application. Not ready to apply just yet? Speak with a member of our team for more information on the process.

2. Plan

Provide your construction plans, building contract, budget, and other project information so we can review your loan request. Your home will be appraised based on its expected value upon completion of construction.

3. Build

After closing, construction begins. Draws are funded based on the amount of work completed, as verified by a third-party inspector. You’ll make interest-only payments based only on the amount that has been disbursed.

4. Move Home

Once construction is complete, you’ll secure permanent financing and start enjoying the home you’ve worked to build. AmFirst offers benefits to members who refinance their construction loan with us.

Why Choose an AmFirst Construction Loan?

  • Finance the construction of a custom home
  • Local lending decisions and experienced mortgage professionals
  • Interest-only payments during construction on the funds you’ve used
  • Draws processed as construction progresses
  • Opportunity to obtain permanent financing with AmFirst once your home is complete

Is a Construction Loan Right for You?

A construction loan may be a good fit if you:

  • Already own land or are planning to build on land you own
  • Want to build a custom home instead of buying an existing one
  • Are working with a qualified, licensed builder
  • Are ready to move from house plans to reality

Ready to Get Started?

Building a home is one of life's biggest milestones, and we're here to help make the financing process as smooth as possible.

Speak with a member of our team to learn more about construction lending and determine whether it's the right option for your project.

Apply for a Construction Loan Today

Frequently Asked Questions

  • A construction loan is a short-term loan that finances the cost of building a new home. Once construction is complete, the construction loan is paid off with permanent mortgage financing.

  • Yes. Once construction is complete, you may choose to obtain your permanent mortgage through AmFirst or another lender. Members who finance with AmFirst may be eligible for certain closing benefits.

  • Construction is generally expected to be completed within 12 months, with limited extension options available if approved.

  • No. Members may not act as their own builder or contractor.

  • Yes. Land must be owned free and clear to be eligible for a construction loan.

  • Yes, subject to AmFirst approval. If your builder is not already on our list of approved builders, we will complete a review of your builder during the application process.

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New fee for loan payments:

Starting on January 1, 2023, there will be an $8.00 transaction fee for loan payments when members pay with a debit card.

If you are making a loan payment using your checking account and routing number (ACH) there will continue to be no transaction fee. Also, there will continue to be no transaction fee if you are using the transfer function in Online Banking to make a payment.

For questions, please give us a call at 205-320-4000.

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