Home Construction Loan Program through Nationwide Advantage Mortgage^®

If you've ever thought about buying your own land and building a customer home, you may have figured it would be too expensive or too difficult to do.

Nationwide Advantage Mortgage^® actually makes it pretty easy and affordable with its new Home Construction Loan Program.

Our program is a one-time close loan and is separated into two parts: the construction phase and the permanent phase.

How it all works

During the construction phase, we'll disburse funds to your builder and give you a fixed interest rate for the loan proceeds. Once your home is built, your loan changes to a permanent mortgage - and you don't have to endure another loan closing.

Rate Protection

What makes our program unique is that we allow you to float your permanent loan rate during construction, which can last up to 12 months. If you lock in your rate early on and find that market rates have gone down, you can float down your rate to our current 60-day base rate (plus .125%) within 30 days before the end of the construction phase.

Other Unique Benefits

• You own the property during construction and can receive a tax deduction before your home is built.*
  
  
• You can make interest-only payments from the loan proceeds during the construction phase.
  
  
• You can use your home's appraised value for financing instead of the cost to build your home, which may provide built-in equity in your home.
  
  
• Once your loan is registered, your builder can break ground in 21 days or less.
  
  
• We don't require builder approval.
  
  
• You and your builder can customize your draw schedules.

For more information about our Home Construction Loan Program, please call 800-811-5385.

*Consult a tax advisor regarding the deductibility of interest