Construction Mortgage

This type of loan is perfect for anyone building a new home or renovating a home. It’s the one loan that can take you through the entire construction process and then converts to a permanent loan (your mortgage) when your home is complete and you’re ready to move in.

We offer a range of options that can be customized to fit your specific financing needs. Loans are available in Connecticut, New York, Massachusetts and Rhode Island. A licensed General Contractor is required for all construction loans. PMI may be available for construction loans up to 90% loan to value – please see a Mortgage Banking Officer.

Fixed rate mortgages are available for both conforming and jumbo loan amounts, with a 15 or 30-year term to choose from. Adjustable rates are available for both conforming and jumbo loan amounts, for a 30-year term.

A conforming mortgage is the mortgage loan limit set by Fannie Mae and Freddie Mac. For single family properties in most counties, the conforming limit is $832,750 and any mortgage loan amount of more than $832,750 is a jumbo mortgage.

This mortgage is for loan amounts over $832,750 on single family properties. A Webster Mortgage Banking Officer can help you find a flexible lending option for your needs.