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Construction Loans
[Features and Benefits] [Interest Rate Plans]
GreenStone FCS offers fully contracted and Do-It-Yourself loan programs that offer flexibility and competitive rates and terms. All construction loans are locally serviced and can include a pre-approved end mortgage so you are assured long term mortgage financing of your completed home.
GreenStone offers both contractor build and owner build programs.
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Feature
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Benefit
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Flexible Builder Requirements
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Contractor built projects can be very efficiently processed. Do-It-Yourself projects are also processed using reasonable standards.
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Time to Build
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You are provided up to 12 months to build your home.
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Flexible Payment Plans
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Interest only payments during the construction phase ease your cash flow burden during the building period. Interest accrues only on the amount actually drawn out of the loan.
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Remodeling Loans
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If you already have a home and you are interested in remodeling, we can do that also.
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Pre-Qualification of End Mortgage Included
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You obtain pre-qualification of an end mortgage at the same time you qualify for a construction loan.
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Low Interest Rate
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The interest rate on the construction loan is very competitive.
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Interest Type
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Index
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Re-pricing
Frequency
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Maturity
Min/Max
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Comments/Features
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Indexed Adjustable Rate Mortgage (ARM)
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Initial rate is set by the association. At repricing, rate is based on one or three year Federal Farm Credit Bonds Index as of 45 days prior to rate change date.
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1 year
3 years
5 years
7 years
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15 years
20 years
30 years
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1, 3, 5 and 7 year ARMs offer rate caps of 2% per change
and 6% lifetime.
All ARMs automatically reprice to a one year product. |
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Variable and Variable with Cap
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Rate is set every 30 days.
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Monthly
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15 years
20 years
30 years
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Cap product is offered with a 6% lifetime rate cap. No prepayment premiums charged.
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Fixed
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Rate is determined by the association.
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N/A
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15 years
20 years
30 years
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No prepayment premiums charged.
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© 2004-2008 Greenstone Farm Credit Services.