Construction Loan Programs

If you are planning on building a home, consider a First Federal Construction or Construction-Permanent Loan.  With a Construction Loan, you are only charged interest on the funds as they are used.

With a Construction-Permanent Loan, you receive two loans for the price of one.  During the construction phase, interest payments will be made monthly.  At the end of the construction phase, you’ll already have your long-term financing in place.

Build Your Dream Home with our Construction-Permanent Loan

  • One loan which accommodates the construction loan and permanent financing
    • One set of closing costs
    • Permanent financing rate is set at beginning of construction
  • Interest-only payments during construction.
  • Take up to nine months for construction.
  • Borrow up to 95% loan-to-value based on construction and land costs, subject to credit qualification.
  • Most inspections for draw requests are performed by First Federal staff, expediting requests and saving you money.
  • Own a lot? You may be able to use the equity toward the total project cost.

Interested in applying? Contact a loan officer at any First Federal Branch.

The following will generally be required* to order an appraisal:

  • Purchase contract of lot (if applicable – signed by all parties)
  • Legal description of the property
  • Evidence of lot purchase date and cost if already owned
  • Fixed-price construction contract (signed by all parties)
  • Complete set of  plans, including a plot/site plan, description of materials and specifications (signed by all parties)
  • Cost estimate (signed by all parties)
  • Document any pre-paid items with receipts and cancelled checks
  • Well and Septic permits (if applicable)
  • Evidence builder is registered within the State of Idaho
  • Course of construction insurance required prior to closing
  • Building permit required prior to first draw

We can finance your lot too!

  • Finance your lot with as little as 30% down.
  • Fixed rates and payments.
  • When you're ready to build, the balance of your lot loan can be included in your Construction-Permanent Loan.

Some restrictions apply, see loan officer for full requirements. Mortgage insurance will be required for loans greater than 80% loan-to-value. *Prior to acceptance of the Loan Estimate, no verification documentation is required. All loans subject to approval.

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With a variety of loan programs available, we have a product that fits your financial situation. Our loan officers provide prompt service while finding you the best option.

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*All credit products are subject to approval and subject to change without notice. Rates, terms, and amounts based on qualification.