Construction and Renovation Mortgages

Features & Benefits

  • Modular Home Loans:
    • We offer a specialized loan program for the construction of modular homes.
    • Construction to Permanent Loans, One-stop permanent loan financing is available with attractive fixed and variable rate options.
    • Construction loans and mortgages are combined as a single loan with one closing, which saves you money and time.
    • Construction loan duration is usually from 3-12 months
    • Permanent mortgage loan kicks in after construction phase is complete
  • Home Renovation Loans:
    • With a wide array of programs, we'll meet your every need
    • The 203K Renovation Loan program is a federal loan program for home improvement, repairs and fix up.
    • Ideal for properties that are in need of restoration and buyers that are looking to put their personal touch on a home.
    • Renovations are completed after closing by using a portion of the loan proceeds to cover improvement costs.

Why choose Salem Five for your mortgage?

We’re the best in the business.

New home, first home, renovation, refi, jumbo? We finance the purchase of more homes than any other Massachusetts bank and when you talk to us, you’ll understand our expertise is what makes us different. We’ll be sure you know your options and help you come out ahead, which also means you’ll close quickly with a great rate.

Every day, our team helps people just like you navigate the mortgage process to their advantage. Helping you find the right mortgage is what Salem Five Mortgage Company is all about.

We ask customers in a post-closing survey about the level of expertise they experience working with Salem Five Mortgage Loan Officers – and we met or exceeded expectations 100% of the time.

Ed McDonald
President, Salem Five Mortgage Company

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