Construction & Renovation Mortgages

Build or remodel your dream home

Whether you’re building a brand-new home—including modular construction—or restoring that fixer-upper, you’ll find a wide array of mortgage and loan options at Salem Five.

  • We combine construction loans (usually 3-12 months) and mortgages as a single loan with one closing, saving money and time—the mortgage kicks in when construction is complete
  • The federal 203K Renovation Loan program covers home improvement, repairs and fix up. Complete your renovations after closing by using a portion of the loan proceeds for improvement costs
  • We offer a specialized loan program for the construction of modular homes


Other Articles of Interest

Homeownership

15-Year vs 30-Year Mortgages

What makes more sense financially for you, a 15-year fixed-rate mortgage or a 30-year fixed-rate mortgage? ...

Homeownership

Know When to Lock-In a Mortgage Rate

When you are preparing to get a mortgage, one of the steps you can take is to lock in your interest rate ...

Homeownership

The ROI of Home Improvement Projects

One of the most rewarding things about being a homeowner is that you can make changes to your home ...