Building For Your Future
When searching for the perfect home, it can sometimes be hard to find one that meets your specific vision. Maybe you’re looking for a unique floor plan or specific hard-to-find amenities, or maybe you want to guarantee quality workmanship. Building a home of your own gives you control of the desired outcome.
Whether you need a short-term loan to get you through construction, a loan for the lot you’ll be building on, or financing that will automatically roll into a mortgage, our team of experts will work with you to build the home of your dreams.
New Construction Loans
- Make interest-only payments during the construction phase
- You have the option to use the loan for the land/lot purchase
- Requires a 15%-20% down payment
- We have a one-time close option available that allows you to obtain the construction and permanent loan all at once. You’ll also save money on closing costs and title fees.
- Lot loans are used for the lot you’ll build your primary house on
- Rates are based on your credit score and the property’s loan-to-value
- 3-year ARM with a 10, 15, 20, or 30 year amortization
- Requires a 20% down payment. Put 30% down and earn a 0.25% better rate
- No appraisal required, only an in-house evaluation
Extended Rate Lock Program
- Lock in your rate for 12 months
- A one-time re-lock of your rate if rates improve within 60 days of your permanent loan closing
- A 1% non-refundable fee is due at the time of lock-in
FIBT lenders have significant experience with these loan types and programs and are well-equipped to answer any questions. If you or someone you know is looking to build a home, please contact one of our lenders today!
Who is FIBT?
First International Bank & Trust (FIBT) is a full-service, family-owned, independent community bank serving a wide range of communities across North Dakota, South Dakota, Minnesota, and Arizona.