Start Building Your Dream Home, Today!

Construction Loan Financing Program

Build your home exactly how you want with a home construction loan from Sawyer Savings Bank.

Do you have a specific vision for how you want your home to look? Or, maybe your home search just hasn’t led you to the right home to meet the needs of your family.

Finding the perfect house can be a fun yet challenging endeavor. With so many factors to consider while house hunting in the Hudson Valley – including house style, size and location, just to name a few – sometimes people don’t know where to even start.

Don’t feel like giving an inch on your wants and needs? Fear not, because if your perfect home isn’t available (or doesn’t even exist), you can build a new one that will check all your boxes.

At Sawyer Savings Bank, our construction loans aren’t just limited to stick built! We also offer construction loans for Modular, Log or Kit homes, Panelized, Doublewide Manufactured homes, and, if your proposed home is not listed here, just ask!!!

We work with you every step of the way, from initial site survey’s, to ground breaking, and to when it’s time to move in. We are proud to provide flexible disbursement schedules that are very contractor/builder friendly to keep the process of constructing your new dream home on schedule and on track.


Options for Construction Loan Financing

Option # 1 -Construction loan term – Eighteen months:

  • Interest rate is fixed. Please visit our rates page for current rate. (Rates are subject to change without notice).
  • You pay interest only on the amount that is advanced, as it is advanced.
  • You will be billed on the 15th of each month with a payment due date of the 1st of the following month.
  • Your Permanent Loan Interest Rate will have a free rate lock in 75 days prior days prior to the permanent loan closing permanent loan closing at the prevailing interest rate.


Option #2– Construction loan term – Eighteen Months:

  • Interest rate is fixed. Please visit our rates page for current rate. (Rates are subject to change without notice).
  • You can lock in your permanent loan for fourteen months at any point during the construction phase. There is a 1.00% (1% of the loan amount) fee to exercise this option to lock in the rate. (One percent of your loan amount)

For both options there are certain requirements for the land you’re planning to build on. First, you may purchase the land at the construction loan closing. Second, gifts of land are acceptable, and the value will be determined by the appraisal. Lastly, if you already own the land, any existing liens must be satisfied at or before the construction loan closing.

Contact our mortgage lenders or apply online today to learn more about how we can create a construction loan that allows you to build the home of your dreams!

Not ready to build?

We have land loans! Ask us about our competitive rates and our land loan lending options!

Helpful tips for what to bring in!

Documents needed at application, as applicable:

  • Home plans, cost estimates, proposals and/or contract
  • Land deed and tax bills

Documents to be provided prior to scheduling the construction loan closing, as applicable:

  • Building Permit
  • Survey, (at least two copies) with certification to all borrowers as shown on your deed or Contract of Sale, Sawyer Savings Bank ISAOA and your Title Insurance Company. The survey may be a perimeter or proposed if there are no improvements on the property as of the construction closing date. This will allow for a land disbursement only.
  • Prior to receiving a disbursement for your excavation and foundation; the foundation must be plotted on the survey. Contact us to order an inspection of the excavation & foundation.
  • Please note the Survey in most cases will need to be updated twice after the initial submission
  • Homeowner’s Insurance

Documents to be provided prior to Permanent Loan Closing

  • Certificate of Occupancy
  • Survey updated to show actual house, well, septic and driveway.
  • We’ll need to update your income, credit, and asset statements. We will request updated income and assets statements.  We will update your credit report.  

Ready to get started?
Let’s build your dream home, together.