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Construction and Lot Loans
Rates Effective as of Thursday, February 23, 2012
Rates and terms subject to change without notice and are valid for Maryland residents only.
| Construction - Permanent Loans | ||||||
| Term | Rate | APR | Points | Max.Loan | Max. LTV Ratio* | Monthly Payment per $1,000 Borrowed |
| 15-Year | 5.500% | 5.740% | 1.000 | $1,000,000 | 80% | $8.17 |
| 30-Year | 5.500% | 5.641% | 1.000 | $1,000,000 | 80% | $5.68 |
APR means Annual Percentage Rate and is based on a minimum loan amount of $600,000 with a 20% down payment. |
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The Monthly Payment per $1,000 Borrowed does not include taxes and insurance. Escrow for real property taxes and insurance may be required.
| Construction - Only Loans | ||||||
| Term | Rate | APR | Points | Max.Loan | Max. LTV Ratio* | Monthly Payment per $1,000 Borrowed |
| 12-Months | 5.500% | 7.109% | 1.000 | $1,000,000 | 80% | $4.58 |
APR means Annual Percentage Rate and is based on a minimum loan amount of $600,000 with a 20% down payment. |
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The Monthly Payment per $1,000 Borrowed is interest only. A balloon payment in the amount of all principal and interest due will be due and payable 12 months from loan origination. The Monthly Payment per $1,000 Borrowed does not include taxes or insurance. After construction, the cost for taxes and insurance will increase substantially.
| Lot Loans | ||||||
| Term | Rate | APR | Points | Max.Loan | Max. LTV Ratio* | Monthly Payment per $1,000 Borrowed |
| 5- Year |
5.000% | 5.643% | 0.50 | $500,000 | 75% | $18.87 |
| 15-Year | 5.500% | 5.740% | 0.50 | $500,000 | 75% | $8.17 |
| 30-Year | 6.000% | 6.146% | 0.50 | $500,000 | 75% | $5.99 |
APR means Annual Percentage Rate and is based on a minimum loan amount of $200,000 with a 25% down payment. |
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The Monthly Payment per $1,000 Borrowed does not include taxes and insurance. Escrow for real property taxes and insurance may be required.
* LTV=loan to value
BCSB offers construction and lot loans, including:
- Fixed rates and terms up to 30 years
- One settlement for construction-permanent loans
- Up to 80% loan to value on construction permanent-loans
- Up to 75% loan to value on lot loans
Call 410.256.5000 or click here to have a loan officer contact you.
Construction-Permanent Loans
Annual Percentage Rate (APR) is based on a minimum loan amount of $600,000.00 with a 20% down payment. Maximum loan to value is 80%. Rates are for primary single-family owner-occupied residences on Maryland properties only. Construction period is a 12 month maximum. Interest only on draws taken. One settlement with the same rate during construction and permanent loan. Funds are deposited in a Loans-in-Process (LIP) account and disbursed as work is completed and inspected. Licensed builder is required. Adequate property and flood insurance may be required. All loan approvals are subject to BCSB’s normal underwriting guidelines.
Construction-Only Loans
Annual Percentage Rate (APR) is based on a minimum loan amount of $600,000 with a 20% down payment. Maximum loan to value is 80%. Rates are for primary single- family owner-occupied residences on Maryland properties only. Loans are available for a 12 month period maximum. Interest only on draws taken. Funds are deposited in a Loans-in-Process (LIP) account and disbursed as work is completed and inspected. Licensed builder is required. Adequate property and flood insurance may be required. All loan approvals are subject to BCSB’s normal underwriting guidelines.
Lot Loans
Annual Percentage Rate (APR) is based on a minimum loan amount of $200,000 with a 25% down payment. Maximum loan to value is 75%. Lot loans require a perk test and potability test prior to settlement if site will be serviced by a septic system or well. Certified working well is required. All loan approvals are subject to BCSB’s normal underwriting guidelines.
