Construction Loans in ParamusBuild Your Dream Home in Bergen County
Finance land purchase and construction with one loan. From custom builds in Dunkerhook to teardowns in Arcola, we make building in Paramus simple.
Why Choose Construction Financing in Paramus
One-Time Close
Single closing covers land, construction, and permanent financing. Save thousands in closing costs versus traditional two-loan approach. Lock your rate upfront.
Savings:
$8,000-12,000 in closing costs
Interest-Only Payments
Pay interest only on funds drawn during construction. Keep payments low while building. Full payments begin only after your Paramus home is complete.
Example:
$1M loan = $2,500/mo during build
Flexible Draw Schedule
Funds released based on construction progress. We work with your builder's schedule. Inspections ensure quality at each phase before releasing funds.
Typical Draws:
5-7 draws over 9-12 months
Custom Home Freedom
Build exactly what you want in Paramus's best neighborhoods. Choose your lot, architect, and builder. Create your perfect Bergen County home.
Popular Areas:
Dunkerhook, Arcola, Spring Valley
Your Construction Loan Journey
Pre-Qualification
Review your finances and building plans. Determine budget for land and construction in Paramus. Get pre-approved before shopping for lots.
Land & Plans
Find your perfect Paramus lot. Submit architectural plans, builder contracts, and construction timeline for loan approval.
Closing & Start
Close on land and construction loan simultaneously. Begin building immediately with first draw for foundation work.
Construction Phase
Builder requests draws at milestones. Inspector verifies progress. You pay interest only on funds drawn. Monitor your dream home taking shape.
Move In
Certificate of occupancy issued. Loan automatically converts to permanent mortgage. Begin regular monthly payments on your new Paramus home.
Paramus Building Requirements:
- Licensed Bergen County builder required
- Paramus building permits and approvals
- Detailed plans and specifications
- Fixed-price builder contract preferred
Construction Loan Programs
| Program | Down Payment | Max Loan | Best For |
|---|---|---|---|
| Conventional | 20% | $766,550 | Standard builds |
| Jumbo Construction | 25% | $3M+ | Luxury homes |
| FHA One-Time Close | 3.5% | $828,000 | First-time builders |
| VA Construction | 0% | No limit | Veterans |
| Renovation/Addition | 10% | Based on ARV | Major renovations |
Tip: Paramus teardowns are popular in older neighborhoods. We can finance both the existing home purchase and new construction with one loan.
Ready to Build in Paramus?
Let's discuss your construction plans and financing options
NMLS #1577754 | Construction Loan Specialist | Equal Housing Opportunity