Construction Loans are now available to homeowners in Central Indiana!
Our innovative construction-to-permanent loan program allows you to finance the construction of a new home, then convert the loan to permanent financing once your house is built – with only one visit to the closing table. And you can lock your final mortgage rate prior to construction. (We offer 8 and 12 month locks to accommodate build times.)
Select a Builder
Find a builder who is a good match for your personal style and budget.
Find a Lot
Builders and realtors can assist you in finding the right lot.
Blueprints and building specs help estimate the scope and price of the project.
Lock Your Rate
With First IB, you can lock your final mortgage rate BEFORE construction.
Order an Appraisal
An appraiser will provide an estimate of the as-completed value before construction starts.
Order the Title Report
Ensure there are no liens or judgments on your building lot.
You’ll supply income and asset statements.
Processing and Closing
Once your loan is reviewed and approved, we’ll schedule a convenient time to close.
Build Your Home
We’ll send draw payments to your builder as construction progresses. You pay interest only on amount drawn.
After final inspection and draw, we’ll disburse funds to your builder and you’ll move in.
Your loan automatically converts from interest only to permanent loan terms.
Conventional loans with as little as 5% Down
Jumbo Loans with as little as 10% Down
Portfolio Fixed Rate and ARM Programs
Piggy Back Second Mortgage Programs
Other benefits of working with the First Internet Bank Construction Lending team include
Timely, local processing, underwriting and closing