Ozark Bank Knows There’s No Place Like Home
Looking for a construction loan to build your dream house? Contact us to find out what our current construction loan rates are and see what it takes to begin your new home construction loan process. You will find competitive rates and the right construction loans for your next project at your nearest Ozark Bank location.
If you are ready to build your dream home, Ozark Bank’s loan officers can give you the guidance you need to get your construction project started!
Ozark Bank Construction Loan Features
- Competitive construction loan rates available
- Personalized one-on-one service every step of the way
- Flexible terms
- Flexible disbursement methods
- Fast, local decisions, most made within 2 business days*
- Apply for a Loan
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 this Southwest Missouri community build their dreams for over a century. NMLS #712092
*2 business days after complete application submission, subject to verifications
Residential Home Construction Loans FAQs
What is a residential home construction loan?
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.
How does a residential home construction loan work?
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.
What are the eligibility requirements for a residential home construction loan?
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.
Do I need a down payment for a residential home construction loan?
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 finances.
What is the difference between a construction loan and a mortgage?
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 or refinancing a ready to occupy property.