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Build your mortgage like your home: from the ground up.

Construction Mortgage

For a brand-new home or major renovations, you can get a construction-to-permanent loan for both the building costs and the mortgage.

Contact a mortgage banking officer

Popular uses

  • New home construction
  • Major renovations
  • Working with a general contractor
  • Buying land first (or already own land)

Four options1

  • Purchase/Construction
  • Purchase/Home improvement
  • Refinance/Construction
  • Refinance/Home improvement

Find a Mortgage Banking Officer near you

Frequently asked questions

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 $806,500 and any mortgage loan amount of more than $806,500 is a jumbo mortgage.

This mortgage is for loan amounts over $806,500 on single family properties. A Webster Mortgage Banking Officer can help you find a flexible lending option for your needs.

Disclosures

All loans subject to credit approval. Contact a Webster mortgage banking officer for full details of program. Program is subject to change without notice and may be withdrawn at any time.

1Uses for a construction loan:

  • Purchase/Construction: To cover the purchase of the property and construction costs
  • Purchase/Home improvement: To purchase an existing home and any renovations
  • Refinance/Construction: To pay off a land or existing construction loan and new construction costs
  • Refinance/Home improvement: To pay off an existing home mortgage and finance renovations

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