Construction Loans - First Internet Bank

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.


Develop Blueprints

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.


Provide Documentation

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.


Move In!

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.

Programs Available

  • 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

  • Local appraisers
  • Timely, local processing, underwriting and closing
  • Responsive, local draw disbursements


How Can We Help?


It's Different Here!


Would you like a personalized rate quote?

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Save Money on Your Mortgage!

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Highly likely to recommend

Seamless Experience - John, Arkansas

“I found First IB online. I was a little skeptical at first, but I couldn't have been more wrong! We were moving from MI to AR, working with a different realtor on each end, and First IB made the purchase of our new home seamless. we received is piece of mind for the future and we couldn't be more satisfied with the service... “

Highly likely to recommend

Worked Around My Schedule - Sean, Missouri

“My experience with First Internet Bank was amazing. Everything was done as quickly as possible and there was help every step of the way. I was busy traveling for work and they were able to keep me updated and work around my schedule. I would highly recommend First Internet Bank.”

Highly likely to recommend

Best Lender Experience - Ryan, Arizona

“This was the first time I've used an online lender and I would definitely use First IB again...The local lenders warned that I wouldn't get personal service using an online lender and warned me against it. I'm glad I ignored them because my experience was one of the best I've had with a lender. I wouldn't hesitate to use this lender again!“

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Current Mortgage

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Thanks for your request from First IB

Thanks for requesting a rate quote from First Internet Bank! We will contact you shortly to provide your personalized rate quote and one-on-one consultation.

To speak with a mortgage expert immediately, call us toll-free at 1-855-707-2775. You can also check the latest rates on our website.

We look forward to speaking with you soon!

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