Loan Programs & Services : Construction/Renovation Loans

In the post-Katrina real estate market, many in the New Orleans area need loans not just to purchase properties but also to completely renovate them. Currently, one of our most popular financial products combines a home mortgage and a construction loan into a single package.

This combined loan allows borrowers to save thousands of dollars in closing costs. Also, if two loans were taken at separate times, rates could go up during the interval, but this combined loan allows borrowers to lock into a single rate at the time of closing. As an additional benefit, we use the appraised value of the home as opposed to the cost to determine whether Private Mortgage Insurance (PMI) is required. By avoiding PMI, you could save up to $1,500 per year.