Dream it, design it, and then build your one-of-a-kind home.

Two loans in one

Save time and money with just one closing for construction funds and regular mortgage.

Competitive rates

You can lock in your long-term interest rate as soon as you start building.

Perk of owning your lot

You can use it as equity to secure your house construction loan in lieu of a cash down payment.

Our construction loans are single-close, which means you only pay closing costs once, and your construction loan converts to a regular mortgage, once building is complete.

You want something new and different - and uniquely yours. That's why you've decided to have your next home built from the ground up. A short-term Construction Loan covers costs from the foundation to the last roof shingle, and then conveniently convert to a regular mortgage once you move in.

  • Down payments as low as 10%
  • Save money with only one closing for both the construction loan and your mortgage
  • Lock in your interest rate as soon as you start building
  • Your construction loan automatically converts to a regular mortgage when construction is complete
  • Mortgage options are 5/1 or 10/1 adjustable-rate mortgages or 15-year fixed-rate mortgage2
  • If you already own your lot, use it as equity to secure your house construction loan in lieu of a cash down payment

How It Works

Draw Period

  • Lasts up to nine months.3
  • Construction happens during this period.
  • As various construction milestones are met, Fox will conduct a property inspection to disburse funds, dependent on the construction that has been completed.
  • During this period, you’re only responsible for interest payments on your loan, which are based on the disbursed balance of your loan.

Construction-to-Permanent Loan

  • This period begins when construction is complete, and Fox has received final inspection documents and a certificate of occupancy.
  • This is when the construction loan transitions from interest-only payments to your selected mortgage.
  • Your payments will reflect the interest rate at the time of your closing.
  • If you prefer, you can choose to apply for a different fixed-rate mortgage.

Documentation/Approvals Required

  • Fox will need to review and approve your builder.
  • Your Fox loan officer will provide you with a complete list of required documents and will be happy to answer any questions you might have about the process.

Run the Numbers

Checking made easy

Simplify money management with flexible checking features that fit your lifestyle.


Adjustable-Rate Mortgages (ARM) is a variable rate loan. Down payment as low as 10%. Interest-only payments available during construction period (9 months); after loan will be amortized over 351 months (9-month construction period). Rate adjustment could occur after initial term (5 or 10 years), and annually thereafter based on a 1-year Treasury Bill. Rate may increase by a maximum of 3% above the initial interest rate, and every year thereafter 2%, with a max lifetime cap of 5%. After the initial fixed rate period, your interest rate may increase or decrease every year according to the Wall Street Journal index plus a margin.

Payment examples are based on $300,000 loan amount after 9-month draw period, for a single-family primary residence, with a credit score of 740 or higher. Payment examples include principal and interest only, and do not include taxes, insurance, or other applicable escrows, therefore the actual payment obligation will be higher. Rate may be adjusted based on other factors, including but not limited to, when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, and loan to value. Available on single family, detached homes, owner-occupied upon completion. Additional restrictions may apply. Rates and terms are subject to change at any time and without notice. Lending products are subject to credit application, program guidelines and credit approval.