Field & Main Bank

Home Construction Loans

Build your dream home with interest only payments until move-in day.

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Building your home takes careful planning and budgeting. At Field & Main, we can create a construction loan for you that covers land purchase and home construction costs, requiring only interest payments during the construction process. You save money, feel less stressed, and get to enjoy the experience of building your ideal home.

With home construction loans, you have:

  • Fixed rates with a term of twelve months or less
  • Interest-only payments during construction.
  • Easy, simple draw process.
  • 12-month term, interest only.
  • Quick, local decisions.
  • Access to rates and applications online.

Home Construction Loan FAQs

What does a home construction loan cover?

A home construction loan can be used to purchase land and to cover the costs of building a new home from the ground up. In some cases, home construction loans can also be used for major home rehabilitation projects or when adding footage to an existing home.

How do new home construction loans work?

Home construction loans allow you to pay interest only until your home is complete, or 12 months, whichever comes first. Your interest only payment is based on your outstanding monthly balance. Additionally, Field & Main home construction loans do allow for subcontracting and sweat equity (*Plumbing and electrical must be completed by a licensed professional).

Can you refinance a home construction loan?

Yes, at the end of the home construction loan term your home construction loan must be converted to a conventional loan.

Are there any disadvantages to home construction loans?

With our home construction loans, the rate is not locked in for your permanent financing. Your home construction loan is one loan (and one closing), then when your build is complete, you will refinance and convert your home construction loan to a permanent conventional mortgage, which would be a second closing.

Are there different types of home construction loans?

Field & Main offers one type of residential construction loan.

What will I need to get a new home construction loan?

In addition to other underwriting guidelines, you must meet the following requirements to qualify for a home construction loan: a credit score of 660 or higher, debt-to-income ratio of less than 40%, and a maximum loan-to-value ratio of 90%.

What is the required down payment for a home construction loan?

Typically, we require 10% down.

Why choose Field & Main as your home construction loan lender?

With Field & Main, you’ll have access to lenders before, during, and after the loan closes. We strive to respond to our clients in a timely manner, usually within 1 business day.

VA Home Loans

For active-duty and retired military personnel and their eligible surviving spouses.

VA Home Loans
USDA Home Loans

Allowing affordable home ownership for low-to-moderate income families living in rural areas.

USDA Home Loans