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Construction Financing Options

​Learn about the various types of new construction and M&T mortgage financing options to help you build the custom home of your dreams.DIS-208*-DIS

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We understand that not one size fits all in new construction.

Before securing financing for your custom home, you’ll need to determine the new construction type that best fits your needs. Our Certified Construction Specialists can help educate you, so you can make an informed decision about your home financing.

 

​Take advantage of the many M&T construction program benefits.

  • Flexible construction timeframes of 6, 9 and 12 months based on the type of house you are building
  • Interest only payments during construction. Make interest-only payments as your house is built – increasing month-to-month as additional draws are paid to the builder
  • Land disbursement (draw) option. Combine land and construction financing all in one loan
  • Curbside funding. To complete payment on your home package for log, timber frame, modular or panelized construction, M&T will have the payment waiting at your property when your home is delivered
  • Lot loans. Finance your lot and build later when you’re ready
  • Downpayment features. Use the equity from the land you already own toward a downpayment
  • A dedicated team of certified construction specialists. At M&T, every part of the construction lending process is managed by certified specialists so you can feel confident you are working with knowledgeable experts who understand construction lending

Make the most of your home building experience.

 

 

 

 

 

 

Start the Pre-Approval ProcessThinking about buying a home? Let's get started.

Young girls playing with packing peanuts in home.

​Find out how much you could potentially borrow.

  • How do I know which mortgage program is best for me?
  • An M&T Mortgage Loan Officer can guide you through the process --  reviewing the mortgage programs available to you and helping to determine how much you can borrow.

 

 

Stick built construction is a more traditional method of building a house using individual pieces of lumber on a site you’ve selected. Get pre-approved and talk to an M&T Certified Construction Specialist to help you understand your financing options.

Download our Understanding New Home Construction Financing guide (PDF)

M&T offers stick built construction financing in CT, DC, DE, MA, MD, NJ, NY, PA, VA and WV.

​Have you always dreamed of living in a log or timber frame home?  If so, you’ll work with a builder who specializes in these types of homes. Why not work with a lender who specializes in financing them? M&T is uniquely qualified to make your dream of building a log or timber frame home a reality.

Download our Understanding Log Home Construction Financing guide (PDF)

M&T offers log and timber frame construction financing in CT, DC, DE, IN, KY, MA, MD, ME, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT and WV.

Modular and panelized homes are a popular construction option because they are partially built, or prefabricated, in a factory and then shipped to your location. Your home can be quickly and efficiently assembled on site, because portions of the home have already been built.

Modular homes are built in separate sections that are secured together into the final structure. Panelized homes lay the foundation first, and then lower each section of wall into place.

Download our Understanding Modular Home Construction Financing guide (PDF)

M&T offers modular and panelized construction financing in CT, DC, DE, IN, KY, MA, MD, ME, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT and WV.

​A one-close loan (also known as a construction-to-permanent loan) combines the financing of your construction, and the permanent financing once your house is complete, into one convenient loan.
 
You only need to qualify, have the house appraised and close the loan – once.  You have the ability to lock in an interest rate right from the start, making interest-only payments on your loan during the construction period as funds are disbursed to the builder. In many cases, this is the most efficient, convenient loan if you are building a house. 

Peace of mind with an automatic interest rate float-down feature.

M&T one-close construction loans offer a one-time automatic interest rate float-down, at no charge, to benefit you should interest rates decrease while your house is built. When construction is complete – if market rates are lower than the rate you locked in at application – we will automatically float-down, or lower, your interest rate just prior to the loan converting to permanent financing.

If interest rates go up, you’re still locked in to your original rate as long as your house is completed prior to the expiration of your construction period.

​Two-close construction loans involve two parts – the short-term construction loan during the building of your house and the permanent mortgage once your home is complete. These loans are applied for at the same time, but are two separate loans with a separate closing process for each.

This type of loan can be advantageous depending on your financial needs. It could provide more flexibility when choosing your permanent mortgage loan and you can still take advantage of long-term lock options.

​A renovation loan can be used for major improvement projects. It is a convenient, single loan combining your home’s purchase price or current value, and home improvement expenses.

Financing is based on the value of the home after you make the improvements, so you’re not limited by the amount of equity currently available to you. These types of loans can be used for a wide range of home improvements including a new addition, a kitchen or bath remodel, and much more.

We also offer the MakeOver Mortgage, a pay-as-you-go alternative to traditional renovation mortgages that are fully disbursed such as the 203(k).