Construction Loans
Rates accurate as of November 22, 2024
Rates accurate as of November 22, 2024
| Type of Mortgage | Interest Rate | Annual Percentage Rate (APR) | Loan Fee | |
|---|---|---|---|---|
| 30-Year Fixed (Owner Occupied) Open/Close | ||||
| 30-Year Fixed (Owner Occupied) | 7.125% | 7.306% | 1% | Contact a Loan Officer |
| 20-Year Fixed (Owner Occupied) Open/Close | ||||
| 20-Year Fixed (Owner Occupied) | 6.625% | 6.850% | 1% | Contact a Loan Officer |
| 15-Year Fixed (Owner Occupied) Open/Close | ||||
| 15-Year Fixed (Owner Occupied) | 6.375% | 6.648% | 1% | Contact a Loan Officer |
| 30-Year Fixed (First-Time Homebuyer) Open/Close | ||||
| 30-Year Fixed (First-Time Homebuyer) | 6.875% | 7.002% | .50% | Contact a Loan Officer |
| 20-Year Fixed (First-Time Homebuyer) Open/Close | ||||
| 20-Year Fixed (First-Time Homebuyer) | 6.375% | 6.533% | .50% | Contact a Loan Officer |
| 30-Year Fixed (Affordable Construction Program) Open/Close | ||||
| 30-Year Fixed (Affordable Construction Program) | 4.000% | 4.078% | $800 | Contact a Loan Officer |
| 30-Year Fixed (Non-Owner Occupied) Open/Close | ||||
| 30-Year Fixed (Non-Owner Occupied) | 7.750% | 8.047% | 2% | Contact a Loan Officer |
| 15-Year Fixed (Non-Owner Occupied) Open/Close | ||||
| 15-Year Fixed (Non-Owner Occupied) | 7.500% | 7.952% | 2% | Contact a Loan Officer |
| Green Choice Lending Program* Open/Close | ||||
| Green Choice Lending Program* | 0.50% Off Loan Fee | Contact a Loan Officer | ||
| Open/Close | ||||
| Type of Mortgage | Interest Rate | Annual Percentage Rate (APR) | Loan Fee | |
| Jumbo Construction (30 Year) | ||||
| $825,000.00 and above (80% max LTV) Open/Close | ||||
| $825,000.00 and above (80% max LTV) | 7.375% | 7.519% | 1% | Contact a Loan Officer |
HOME LOAN PAYMENT CALCULATIONS
Calculations based on $450,000.00 conventional loan with 20% down payment (purchase) or equity position (refinancing). Payment calculations are principal and interest only and do not include taxes or insurance which may increase your monthly payment.
- Owner Occupied (30-Year Mortgage): Interest rate 7.125%, Annual Percentage Rate (APR) 7.306%, 360 monthly payments of $3,031.73 each, total interest paid $657,458.07.
- Owner Occupied (20-Year Mortgage): Interest rate 6.625%, Annual Percentage Rate (APR) 6.850%, 240 monthly payments of $3,388.28 each, total interest paid $378,092.09.
- Owner Occupied (15-Year Mortgage): Interest rate 6.375%, Annual Percentage Rate (APR) 6.648%, 180 monthly payments of $3,889.13 each, total interest paid $264,386.18.
- 1st-Time Homebuyer (30-Year Mortgage): Interest rate 6.875%, Annual Percentage Rate (APR) 7.002%, 360 monthly payments of $2,956.18 each, total interest paid $629,693.57.
- 1st-Time Homebuyer (20-Year Mortgage): Interest rate 6.375%, Annual Percentage Rate (APR) 6.533%, 240 monthly payments of $3,322.05 each, total interest paid $361,633.49.
- Non-Owner Occupied (30-Year Mortgage): Interest rate 7.750%, Annual Percentage Rate (APR) 8.047%, 360 monthly payments of $3,223.86 each, total interest paid $728,020.09.
- Non-Owner Occupied (15-Year Mortgage): Interest rate 7.500%, Annual Percentage Rate (APR) 7.952%, 180 monthly payments of $4,171.56 each, total interest paid $317,754.30.
Maximum loan to value of 95% on Owner Occupied (with a licensed contractor).
JUMBO LOAN PAYMENT CALCULATIONS
Calculation example based on loan amount shown with 20% down payment (purchase) or equity position (refinancing). Payment calculation is principal and interest only and does not include taxes or insurance which may increase your monthly payment.
- $825,000 loan amount (80% max LTV): Interest rate 7.375%, Annual Percentage Rate (APR) 7.519%, 360 monthly payments of $5,698.07 each, total interest paid $1,256,727.28.
At OlyFed we do offer Jumbo Loans with as little as 10% down; however, Private Mortgage Insurance (PMI) is required with loans that have less than 20% down. Contact an OlyFed Loan Officer for more details.
AFFORDABLE CONSTRUCTION LOAN PROGRAM PAYMENT CALCULATION
Calculations based on $412,000.00 conventional loan with 5% down payment. Payment calculations are principal and interest only and do not include taxes, insurance or Private Mortgage Insurance (PMI), which may increase your monthly payment.
- Affordable Construction Loan Program (30-Year Mortgage): Interest rate 4.000%, Annual Percentage Rate (APR) 4.078%, 360 monthly payments of $1,966.95 each, total interest paid $304,342.77.
*Green Choice Lending Program: 0.50% off loan fee for loans $824,999 and below.
Member FDIC
Equal Housing Lender
