Changing Lives.

Construction and Renovation Loans

            Construction and Renovation Loans

Want to build your dream home from the ground up? Want to repair or renovate your current, next or second home? GMFS Mortgage offers flexible construction loans that often are less costly than other financing options. Plus our processing, underwriting, and closing teams are all under the same roof making for smooth and predictable closings.


 5 Star GMFS Mortgage Customer Review
"I have been working with Jackie for years with homes I have built. My loans were always processed quickly and efficiently. On this loan she kept me informed and processed my loan in a short amount of time. Also I worked with Megan on my construction loan and she was informative and quick with my process time. I want to say THANK YOU to both Jacki and Megan and all the GMFS TEAM for your help. My wife Liz and I are excited to build our new dream home and we look forward to working with Jackie and Megan during construction. Again Thank You! Kevin and Liz. 5 Stars" 

Feature One Time Close Loan Interim Construction Loan HomeStyle® Renovation Loan
Loan Purpose • New construction
• Renovation & repair
• New construction
• Renovation & repair
Renovation & repair
Mimimum Down Payment 10% for primary residence
10% for primary residence • 5% for primary residence
• 10% for second home
Unique Features Interest rate is capped on permanent loan Can use land value equity towards down payment • Interest rate is locked at close
• Can be used for second home
Loan Type/Term Interest only loan during construction, then modifies to 15 or 30 year fixed rate loan once home is complete 12 month interim loan to complete construction, then refinance into 15 or 30 year fixed rate 15 or 30 year fixed rate loan
Property Eligibility Primary residence
Primary residence • Primary residence
• Second home
Loan Amount Up to $424,100 Up to $424,100 Up to $424,100
Renovation Costs Maximum renovation funds = 50% of "as completed" value Maximum renovation funds = 50% of "as completed" value Maximum renovation funds = 50% of "as completed" value

Contractor Flexibility

Borrower chooses (subject to GMFS approval *)

Borrower chooses (subject to GMFS approval *)

• Borrower chooses (subject to GMFS approval *)
• Do-It-Yourself option in some limited scenarios
Closings One (1) Two (2) One (1)


* Current list of GMFS approved contractors

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 Educational Resources (videos, podcasts, calculators & glossary)