Construction Lending

We are pleased that you have considered Community Bank of Rowan for your new construction financing needs. We have loan programs to fit just about every home and borrowers needs.

Best of all, you pay only ONE set of closing costs for portfolio loans!

Our loan program is designed to give you ample time to build your home. All Construction Loans are up to 12 months. If you complete your home prior to the 12 months, you can modify your loan to its permanent phase, with no penalty.

The permanent loan is your choice! Community Bank of Rowan offers many fixed, ARMs and interest only rate options. Community Bank of Rowan offers an extended rate lock¹ with a float down option. That's right, if the rates are better when you are finished with construction you get the better rate!

We look forward to working with you and your builder on your construction project!

¹ Extended Rate locks require an upfront deposit. Fees vary depending on program.

What to Bring to Your Loan Application

• Driver's License or Photo Identification
• Most Current 2 Months Bank Statements
• Current 401(k) or IRA Statement (if applicable)
• Self Employed Borrowers to bring tax returns (Business and Personal for past 2 years)
• Last 2 years W2's
• 1 month current pay stubs
• Purchase Agreement or Deed to Property
• Legal Description for Property
• Survey of Property (if applicable)
• Contract with Builder
• Plans/Specification and Cost Breakdown

*Subject to credit approval