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Building a Home

Build new, renovate, or tear down and start fresh. It's easier with the right financing in your plans.

Find a Loan Officer
Call 1-800-288-5569

Construction-to-Permanent Financing

Our construction-to-permanent program* allows you to combine your construction or renovation financing and permanent mortgage into one loan. Best of all, you'll save time and money with just one closing and one set of closing costs. Include the purchase of your lot in the financing or build on a lot you already own. Make interest-only payments during the construction phase. You’ll also benefit by being able to lock in your permanent mortgage interest rate before construction begins, giving you added protection against rising rates.

A Guide to Construction-to-Permanent Financing

Our guide will provide you with the basics of how our construction-to-permanent program works and break down the process for you step by step.

Download Guide
Rate

Rate represents the rate of interest charged for the loan. 

Interest would be expressed as a dollar amount.

 
Annual percentage rate (APR)

APR is the total cost of the loan and its origination, including interest, points and fees, expressed as a percentage.

 
Points

Points are a one-time fee that a borrower pays to lower the interest rate on a loan. It’s a form of pre-paid interest.

 

Guiding You Every Step of the Way

  1. Get Started

    Determine your goals, find a reputable builder, and speak with a loan officer about financing options.

  2. Finalize Your Plans

    Get your construction plans, specifications and builder contract finalized, then apply for your loan.

  3. Close Your Loan

    Finalize the details, review and sign your loan documents, and let the construction begin!

  4. The Construction Phase

    Funds are released to your builder as you complete different stages of construction.

  5. Build is Complete

    Settle in and enjoy your new home! Your loan will transition to the permanent phase and become a traditional mortgage.

 

What to Know About Building a Home

  • How is applying for a construction-to-permanent loan different from applying for a mortgage?
    The application process for a construction-to-permanent (C/P) loan and traditional mortgage financing is very similar. The lender will review your income, assets, debts, and credit history as well as order an appraisal. When you apply for a C/P loan, however, you’ll also be asked to provide additional documentation related to the construction, such as the contract you’ve signed with the builder, the construction plans and specifications. The approval process might take a little longer because of the additional information that needs to be reviewed.
  • How does my builder get paid for the work?
    As your home is being built or renovated, you builder will periodically request funds from your lender to pay for completed work. Your lender will order an inspection to verify the work has been completed and will disburse money from your loan proceeds to the builder. These disbursements are called “construction draws.”
  • What mortgage payments do I make while my home is under construction?
    During the construction phase of your loan, you’ll be billed monthly for interest. The interest-only payment is calculated based on the amount of funds the lender has previously disbursed to your builder for completed work. Depending on the location of your property, you may also be required to pay a flood insurance premium with your interest payment. You won’t need to make any principal payments until after construction is completed and your loan moves to the permanent phase.
  • How is applying for a construction-to-permanent loan different from applying for a mortgage?
    The application process for a construction-to-permanent (C/P) loan and traditional mortgage financing is very similar. The lender will review your income, assets, debts, and credit history as well as order an appraisal. When you apply for a C/P loan, however, you’ll also be asked to provide additional documentation related to the construction, such as the contract you’ve signed with the builder, the construction plans and specifications. The approval process might take a little longer because of the additional information that needs to be reviewed.
  • How does my builder get paid for the work?
    As your home is being built or renovated, you builder will periodically request funds from your lender to pay for completed work. Your lender will order an inspection to verify the work has been completed and will disburse money from your loan proceeds to the builder. These disbursements are called “construction draws.”
  • What mortgage payments do I make while my home is under construction?
    During the construction phase of your loan, you’ll be billed monthly for interest. The interest-only payment is calculated based on the amount of funds the lender has previously disbursed to your builder for completed work. Depending on the location of your property, you may also be required to pay a flood insurance premium with your interest payment. You won’t need to make any principal payments until after construction is completed and your loan moves to the permanent phase.

Home Loan Originator NMLS Status

Our Home Loan Originators are registered with the Nationwide Mortgage Licensing System and Registry (NMLS). Check your loan originator's status here.

Existing Mortgage Customers

Find information about your existing mortgage account, payment options and ways to contact us. Customer Service Representatives are available Monday-Friday 8 a.m. to 8 p.m. ET at 1-800-234-6002.

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Legal and Website Information
Copyright #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=Copyright Date# Citizens Financial Group, Inc. All rights reserved.
Citizens Bank, Citizens Bank Auto Finance, Citizens Bank Student Loans, Citizens Bank is a brand name of Citizens Bank, N.A. (NMLS ID# 433960).
Mortgages are offered and originated by Citizens Bank, N.A. All loans are subject to approval.
Citizens Bank corporate headquarters: One Citizens Plaza, Providence, RI 02903.
FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.
Equal Housing LenderFDIC

* The Citizens Bank Home Loans construction-to-permanent loan program is available in select states only. Contact a loan officer for availability in your area.
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