645 Griswold, Suite 70
Detroit, MI 48226
Phone: 313.967.9700
Fax: 313.967.9088
Hours:
Mon-Fri: 8:30AM to 4:30PM
Saturday-Sunday: Closed
Construction Lending Loan Programs *
We are so pleased you have considered Detroit Commerce Bank for your new construction financing needs. We have loan programs to fit just about every home and Borrowers needs.
Best of all, you pay only ONE set of closing costs!!!*
Our loan program is designed to give you ample time to build your home. All Construction Loans are for 12 months. If you complete your home prior to the 12 months, you can modify your loan to its permanent phase, with no penalty.
Your loan amount can be increased or decreased at the end of the construction phase. If you lower your loan amount, we will re-cast your loan payments, at no charge to you.
The permanent loan is your choice! Detroit Commerce Bank offers many fixed, ARMs and interest only rate options. Detroit Commerce Bank offers an extended rate lock ** with a float down option. That's right if the rates are better when you are finished with construction you get the better rate!
Don't have 20% down? Not a problem with Detroit Commerce Bank. We offer construction loans with as little as 5% down, and during your construction phase you will not have to pay the monthly mortgage insurance payment! Ml payments won't begin until your house is complete!
We look forward to working with you and your builder on your construction project!
** Borrower will be required to pay recording, pre-paid interest & escrow establishment at Modification* Extended Rate locks require an upfront deposit, fees vary depending on program.
What to Bring to Your Loan Application
- Driver's License or Photo Identification
- Pay Stubs Covering 30 Days of Employment
- Most Current 3 Months Bank Statements
- Current 401(k) or IRA Statement (if applicable)
- Self Employed Borrowers to bring tax returns (Business and Personal for past 2 years)
- Last 2 years W2's
- Purchase Agreement or Deed to Property
- Legal Description for Property
- Survey of Property (if applicable)
- Contract with Builder
- Plans / Specifications and Cost Breakdown
