Home Construction & Fixer-Upper Loans
Are you looking for a Construction or Purchase Renovation Loan in Central PA? As a longtime community bank serving the people of Juniata, Huntingdon, McKean, Mifflin, Perry, Centre, and Potter counties, JVB offers local expertise in the home loan application and renovation or construction process. All of our lending decisions are made locally, giving us greater flexibility to help you find the right home loan.
What is a construction loan?
Construction loans provide short-term financing to build a new home. Borrowers usually only pay interest during the life of the loan. Once everything is finished and you obtain a certificate of occupancy, you can convert your construction loan into a conventional fixed or adjustable-rate mortgage. JVB makes it easy with one-stop permanent financing.
What is a fixer-upper loan?
Some people like a challenge. If you want to buy a home that needs major repairs or renovations, this customized mortgage loan provides financing for the sales price plus the amount needed to rehab the house. From addressing safety issues to re-doing a kitchen or bathroom, a fixer-upper loan can help you breathe new life into an old home. JVB customizes every fixer-upper loan to your individual needs.
Construction & Fixer-Upper Loan Benefits
- Stay organized: JVB works with you to ensure timely construction inspections and payment approvals. Keep your project on track to avoid going over your budget or timeline.
- One Loan: With our one-stop permanent financing, you can avoid the hassle and cost of two closings.
- Swift, local decision-making: We’ve been doing this a long time, and we strive to deliver swift, flexible local decisions on your loan application.
- Personal service: Sometimes a friendly touch makes all the difference. At JVB, you can expect to work with the same person during your construction or renovation loan process.
When to choose a construction or fixer-upper loan
The lenders at JVB can help you weigh the pros and cons of each loan option against your current financial situation and needs. For example, if you already have equity in your home and want to renovate, you may be interested in a Home Equity Loan instead. When it comes to construction and purchase renovation loans, you should consider:
- Will the cost of the project exceed the value it adds to your home? If adding to your property value is your primary reason for renovating, you want to make sure the project will actually “pay for itself” and then some. Look at local real estate listings online to get a sense of the top of the price range in your market.
- Will your new construction home fit in with the local real estate market? Similarly, if you’re building a new home, you’ll have an easier time selling it down the road if it conforms to the price range and expectations of your local real estate market.
- Do you have a specific project with a specific cost in mind? If you know you want to update your home but you’re not sure where to begin, it may make more sense to open a Home Equity Line of Credit, provided you’ve paid down the mortgage enough to do so.
Bank Right at JVB
From 1867, when JVB opened its first location, to the present day with 15 community offices in Blairs Mills, McAlisterville, Mifflintown, Port Royal, Richfield, Port Allegany, Lillibridge, Burnham, Reedsville, Lewistown, Millerstown, Coudersport, Liverpool, or our loan office in State College, our priority has always been to provide the best financial services for our customers. Whether you are looking for a construction or renovation loan or any of our other personal and business lending products, you can expect the highest levels of integrity and respect from our team of lenders and branch employees.
Contact us to learn more about Home Construction and Fixer-Upper Loans!
Is a Home Construction or Fixer-Upper Loan the best option for your project? Our Pennsylvania-based loan officers can help you determine your eligibility and explore your home loan options. JVB is a trusted local mortgage lender with a long history in your Central PA or Northern Tier community.
Whether in person or online, the mortgage team at JVB is ready to answer your questions about Construction and Renovation loans and the application process. Call the JVB Customer Care Center to be connected to one of our experienced home loan lenders at 1-855-582-5101, visit a JVB community office near you, or apply online today. We look forward to hearing from you!
Construction and Fixer-Upper Loan FAQs
With one-stop permanent financing for your construction project, you can focus on design details while your lender takes care of contractor bills and inspections. Pay only interest during the home building process and then your short-term financing will be turned into a permanent mortgage without the expense and hassle of another loan application and closing.
These are usually installment loans in which you borrow a certain amount to cover the cost of your renovation project and repay the loan in fixed monthly payments for a pre-determined period of time.
Yes, there are several options for a single close loan that includes both the sales price of the home as well as planned repairs.