We are so pleased you have considered Peoples State Bank for your new construction
financing needs. We have loan programs to fit just about every home and
Borrowers needs.
Best of all, you pay only ONE set of closing costs!!!*
Our loan program is designed to give you ample time to build your home.
All Construction Loans are for 12 months. If you complete your home prior
to the 12 months, you can modify your loan to its permanent phase, with
no penalty.
Your loan amount can be increased or decreased at the end of the construction
phase. If you lower your loan amount, we will re-cast your loan payments,
at no charge to you.
The permanent loan is your choice! Peoples State Bank offers many fixed, ARMs
and interest only rate options. Peoples State Bank offers an extended rate lock
** with a float down option. That's right if the rates are better when
you are finished with construction you get the better rate!
Don't have 20% down? Not a problem with Peoples State Bank. We offer construction
loans with as little as 5% down, and during your construction phase you
will not have to pay the monthly mortgage insurance payment! Ml payments
won't begin until your house is complete!
We look forward to working with you and your builder on your construction
project!
What to Bring to Your Loan Application
- Driver’s License or Photo Identification
- Most Current 3 Months Bank Statements
- Current 401(k) or IRA Statement (if applicable)
- Self Employed Borrowers to bring tax returns (Business and Personal
for past 2 years)
- Last 2 years W2’s
- Purchase Agreement or Deed to Property
- Legal Description for Property
- Survey of Property (if applicable)
- Contract with Builder
- Plans/Specification and Cost Breakdown