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Construction-Permanent Loans

The Construction-Permanent Loan is designed for borrowers who choose to finance the construction of their home by a reputable builder, desire to build a major addition to their home or want to make major renovations. The loan is made directly to the borrower and not to the builder. The Construction-Permanent Loan consists of two phases, the construction phase and the permanent phase. During the construction phase, the borrower is charged interest at either the permanent note rate or a floating interest rate based on SunTrust Bank's prime lending rate plus a margin. When construction is complete, the loan is modified into a permanent loan. The Construction Permanent Loan is only offered in conjunction with permanent financing. Construction financing alone is not offered. (This loan is available only in certain markets - not nationwide.)

Construction/Perm Program fills these needs:

Borrower Need Feature
Low Cash to Close
Home Affordability
Speed
Saves Money Over Life Of Loan


To see examples of monthly payment terms, view our APR Examples

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