Construction Loans

Do you need a construction loan to finance building a new home? Or are you planning an extensive renovation on your current home? 

First Fed’s mortgage lending experts can help you with your construction financing. Our local Washington team can provide comprehensive solutions, with options to cover the cost of the land, contractor labor, building materials, permits, and even a contingency reserve for unexpected expenses or upgrades.  

We offer competitive rates and terms so you have a monthly payment you can afford. All construction loans include an interest only construction period, and then convert to a permanent loan with no need to refinance.  

 

Apply Online

 

To learn more about the rates and fees that apply to our construction loan, click to view CHARM Booklet and Early ARM Disclosures.

First Fed mortgage financing is only available for Washington State properties at this time. Need more information? Connect with us today and let our Mortgage Lending Team help you build your new home!

 

Special Refi Offer

Close a loan with us and if mortgage rates drop, you’ll get a credit up to $5,000 off the next refinance closing costs with First Fed.

How it works

  • Close a loan with First Fed
  • If rates fall and you are ready to refinance, apply with First Fed.  If the transaction meets all of the terms of eligibility, you will receive a half point (0.500%) lender credit towards your closing costs.

Terms of Eligibility

    • The refinance will pay off a mortgage originated on or before 12/31/2024 with the last recorded Deed of Trust identifying First Fed Bank as the “Lender”.

    Disclosure

    • Application date for the refinance must be 150 days or more after the funded date of the existing mortgage and prior to 12/31/2025.
    • The refinance transaction must be for the same property as the initial mortgage.
    • Land/lot loans are not applicable.
    • The refinance transaction must be a fixed rate loan. 
    • No restrictions on loan type (conventional, USDA, VA, etc.)
    • No restrictions on occupancy.
    • The refinance transaction must meet all terms of eligibility and underwriting requirements for the selected product, program, and investor guidelines at the time of refinance.

    Refinance Credit Offer Terms

    • A general lender credit of 0.500% of the total refinance loan amount will be credited to the loan closing costs, not to exceed $5,000.
    • The credit will be applied on the Closing Disclosure after the loan has met all terms of eligibility stated above.

    Get a Custom Loan Quote

    Please provide the following information so that we can provide multiple options tailored to your needs.