Construction Loans

To apply for a construction or lot loan at D.L. Evans Bank, you’ll need to provide some basic personal and financial documentation, including:

• A valid government-issued photo ID

• Recent pay stubs, tax returns, or other proof of income

• Employment information

• Details about your assets and debts

• Information about the property or lot, such as the purchase agreement or legal description

• For construction loans, a copy of your building plans, cost estimates, and contractor information may also be required

Our team will guide you through the application process and let you know if any additional documents are needed for your specific situation. If you have questions or need assistance, please contact us or visit your local branch.

For a lot loan with D.L. Evans Bank, a down payment is typically required, and the amount usually ranges from 20% to 25% of the purchase price of the land. The exact down payment may vary based on your financial situation and the specifics of the property. Our team will work with you to explain the requirements and help you determine what’s needed for your individual circumstances. If you’d like more details or want to discuss your options, please contact us or visit your local branch.

You can finance the purchase of a lot with a lot loan from D.L. Evans Bank. A lot loan is specifically designed to help you buy land now, even if you’re not ready to start building right away. Our team can walk you through the application process, discuss down payment requirements, and help you understand your financing options. To get started, simply contact us, visit your local branch, or connect with a Digital Banker through our Video Banking service.

Yes, you typically make payments on a construction loan while your home is being built. During the construction phase, most loans require interest-only payments on the amount that has been drawn to pay for completed work. This means your payments may start out lower and increase as more funds are disbursed throughout the building process. Once construction is complete, the loan usually converts to a traditional mortgage with regular principal and interest payments. If you have questions about how construction loan payments work, our team at D.L. Evans Bank is here to help guide you through the process.

Yes, most construction loans do require a down payment. The amount typically ranges from 10% to 20% of the total project cost, but the exact requirement can vary depending on your financial situation and the specifics of your project. At D.L. Evans Bank, our team will work with you to review your options and determine the down payment needed for your construction loan. If you have questions or want to discuss your individual circumstances, please contact us or visit your local branch for personalized assistance.

Yes, it is possible to use a USDA loan for new construction, but there are specific requirements and eligibility guidelines that must be met. USDA construction loans are designed for building a primary residence in eligible rural areas and typically require working with approved lenders and builders. At D.L. Evans Bank, we offer a variety of construction loan options and can help you explore whether a USDA loan or another type of financing is the best fit for your project. Please contact us or visit your local branch to discuss your new construction plans and learn more about your options.