Construction/Permanent

If you own or are purchasing land and wish to build a country home in a rural community Agri-One has the product for you. We offer competitive rates during the construction phase and a variety of loan products to meet your permanent financing needs. If you need financing for land on which you intend to build in the future, please see our Bare Land/Lot Loan program.

Key Criteria for Eligible Loans

Must be eligible for Agri-One's Rural Home or Part-time Farm Loan programs upon completion of construction
Six month construction period available upon pre-approval of permanent loan
Maximum loan-to-value 85%
Typical contributory value of the dwelling should represent a minimum of 50% of the loan amount for Rural Home or 30% of the appraised value for Part-time Farm
Interest rate during construction phase prime plus 2.00%
Origination fee of 1.50% to CGB AFS on construction loan
Approximately $250.00 per draw fee for construction draws (varies depending on charges from appraiser and title company for inspections, lien waivers, etc.)
Quarterly interest payments required during construction phase
Existing equity in land may be used for down payment

Customer Qualifications

Two years established employment and/or stable income.
Acceptable 24-month credit history with a minimum credit score of 660
Monthly Housing Expense to Gross Income ratio of 28% or less
Monthly Debt to Gross Income ratio of 36% or lessv Six months PITI required
Flexibility in the above ratios with compensating factors such as excellent credit, substantial cash reserves or low loan-to-value

Products

For permanent loan product information, please see our Rural Home Loan and Part-time Farm Home Loan pages.