Construction Loans

Rates accurate as of October 4, 2024

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Rates accurate as of October 4, 2024
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Type of Mortgage Interest Rate Annual Percentage Rate (APR) Loan Fee
30-Year Fixed (Owner Occupied) Open/Close
Type of Mortgage 30-Year Fixed (Owner Occupied) Interest Rate 7.000% Annual Percentage Rate (APR) 7.179% Loan Fee 1% Contact a Loan Officer
20-Year Fixed (Owner Occupied) Open/Close
Type of Mortgage 20-Year Fixed (Owner Occupied) Interest Rate 6.625% Annual Percentage Rate (APR) 6.850% Loan Fee 1% Contact a Loan Officer
15-Year Fixed (Owner Occupied) Open/Close
Type of Mortgage 15-Year Fixed (Owner Occupied) Interest Rate 6.375% Annual Percentage Rate (APR) 6.648% Loan Fee 1% Contact a Loan Officer
30-Year Fixed (First-Time Homebuyer) Open/Close
Type of Mortgage 30-Year Fixed (First-Time Homebuyer) Interest Rate 6.750% Annual Percentage Rate (APR) 6.876% Loan Fee .50% Contact a Loan Officer
20-Year Fixed (First-Time Homebuyer) Open/Close
Type of Mortgage 20-Year Fixed (First-Time Homebuyer) Interest Rate 6.375% Annual Percentage Rate (APR) 6.533% Loan Fee .50% Contact a Loan Officer
30-Year Fixed (Affordable Construction Program) Open/Close
Type of Mortgage 30-Year Fixed (Affordable Construction Program) Interest Rate 4.000% Annual Percentage Rate (APR) 4.078% Loan Fee $800 Contact a Loan Officer
30-Year Fixed (Non-Owner Occupied) Open/Close
Type of Mortgage 30-Year Fixed (Non-Owner Occupied) Interest Rate 7.750% Annual Percentage Rate (APR) 8.047% Loan Fee 2% Contact a Loan Officer
15-Year Fixed (Non-Owner Occupied) Open/Close
Type of Mortgage 15-Year Fixed (Non-Owner Occupied) Interest Rate 7.500% Annual Percentage Rate (APR) 7.952% Loan Fee 2% Contact a Loan Officer
Green Choice Lending Program* Open/Close
Type of Mortgage Green Choice Lending Program* Interest Rate Annual Percentage Rate (APR) Loan Fee 0.50% Off Loan Fee Contact a Loan Officer
Open/Close
Type of Mortgage Interest Rate Annual Percentage Rate (APR) Loan Fee
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
Type of Mortgage $825,000.00 and above (80% max LTV) Interest Rate 7.375% Annual Percentage Rate (APR) 7.519% Loan Fee 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 7.000%, Annual Percentage Rate (APR) 7.179%, 360 monthly payments of $2,933.86 each, total interest paid $643,541.16.
  • 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 6.750%, Annual Percentage Rate (APR) 6.876%, 360 monthly payments of $2,918.69 each, total interest paid $615,917.88.
  • 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