Lot Acquisition & New Construction
Your dream home starts with the right location. If you have found or if you are looking for a residential lot that you want to develop, build on, invest in or use for recreational purposes, a new construction or lot acquisition loan from Central Federal provides security for financing your investment.
Let Central Federal help you build your dream home. A Central Federal construction loan is typically short term to enable you to pay for the materials and labor in the construction of your new home. Monthly interest payments are due during the construction phase on the outstanding principal balance drawn to date. Once the construction phase is complete, the loan is converted to the permanent mortgage terms without another formal loan closing and additional closing costs.