Construction or Lot Loan
Construction Permanent Loans
A construction permanent loan is a mortgage that funds the construction of a new home. The loan is closed for the total loan amount, and the funds are withdrawn over time based on how much of the home is completed.
Consider a construction permanent loan if:
If you've found the perfect lot to build your dream home, but are not quite ready to break ground, a lot loan is your source of funds. The maximum loan amount is $300,000, and you can apply for lots up to ten acres if the property is in a developed, plotted subdivision. Variable term ARM loans are also available.
If you would like additional information or wish to apply for a construction or lot loan, please contact a Fifth Third Mortgage Loan Specialist. Call toll free at 1-866-351-5353, visit a Fifth Third Banking Center near you, or fill out a secure online application.
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* After the interest-only or ARM period, it is possible that the borrower's payments may increase substantially over the remaining term of the loan.