Home Construction Loans - Building A Home | Countryside Bank Skip To The Main Content
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Home Construction Loans with Countryside Bank 

Let’s work together to put your home building plans in motion!  At Countryside Bank, we understand Chicago area’s real estate and construction markets, and the nuances of first acquiring a specific piece of land and then building your home. With so many details involved as you put a plan in motion, it’s important to have people you trust in your corner. We offer three types of loans to meet your home building needs: 

  • Consumer Lot Acquisition Loan
  • Consumer Construction Loan
  • Single Close Loan (Lot, Construction and Mortgage in one loan)
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    Consumer Lot Acquisition Loan

    Consumer Lot Acquisition Loan is ideal for securing a parcel of land for future construction of your home.

    • Competitive rates
    • Easy application and local decision making
    • Fast loan approvals 


    Consumer Construction Loan

    Consumer Construction Loan gives you the resources needed when it’s time to build your dream home from the ground up.

    • Competitive rates
    • Easy application and local decision making
    • Fast loan approvals
    • Available on a "draw" basis
    • In-house Construction Payout Department – No other bank offers this!

    We're for builders...dream home builders!  Call our Commercial Bankers today to find out more.


    Single Close Loan

    The Countryside Bank Single Close Loan is all about your convenience. Single Close means one application – start to finish. You sign one set of loan documents, this eliminates the need for multiple loans to get you into your new home. With a Single Close Loan, you can purchase the land for your home and begin construction. When construction is complete, the loan automatically converts to a permanent mortgage loan, saving considerable time and money. The construction period is up to 12 months to allow time to build your new home. Even if you are not ready to build, please talk to us about a Consumer Lot Acquisition Loan that can later be financed into a Single Close Loan.

    The Countryside Bank Guarantee 

    We guarantee to make a decision on your Single Close Loan application within one week, or we will give you $2,500*.  

    No ongoing fees 
    Other banks may charge you each time you draw on your loan, and also may place limits on the number of times you can draw money out. At Countryside Bank we do not charge for draws, AND they are unlimited, so draw as often as you like - it’s your money!

    Interest Savings
    Other banks may charge interest on the entire loan amount. At Countryside Bank you will only pay interest on the portion of the loan you have drawn, not the whole loan commitment.  You will also save both time and money with one loan qualification and one set of closing costs.

    Experience 

    For over 40 years Countryside Bank has specialized in construction - we do hundreds of construction loans in the Chicagoland area each year.

    Certainty
    Lock in your permanent mortgage interest rate up to one year in advance, protecting you against
    rising rates. Your mortgage loan rate will be locked at your Single Close Loan approval.

    Payment Flexibility
    During construction your monthly payments will be for interest only on the portion of the loan you use to build your home. If you have a large enough down payment, your monthly payments could be paid from your interest reserve.

    Convenience
    One application, one loan, one set of closing costs, one closing.

    Single Close Terms

    • Minimum 15% down as long as maximum loan to value (LTV) doesn’t exceed the maximum for the loan amount
    • During construction you will make interest only payments based on your construction loan rate
    • Upon our receipt of your Certificate of Occupancy the loan converts to your permanent mortgage rate with principal and interest payments
    • Minimum Loan amount $453,100
    • Construction period** 12 months
    • Permanent mortgage 3/1, 5/1, 7/1 or 10/1 ARM

    Consumer Lot Acquisition Loan Terms

    • Interest only payments
    • Maximum term up to 12 months (must be intending to build at time of purchase)
    • Maximum LTV 75% of appraised value
    • If you roll into a Single Close Loan, you Lot Loan origination fee will be credited to your Single Close origination fee - there will be no duplicate charge 


    Frequently Asked Questions 


    Getting Started is Easy!  
    Along with your completed application, you'll need to submit additional information.  Click here for a list of those required documents.  

     
    *Two week time period begins when all the required application documents are received.  If the $2,500 paid out, it will be as an interest credit after the Single Close Loan has closed at Countryside Bank.