Build your home and create additional income opportunities
Looking to build a new home with space for extended family or rental income? Skowhegan Savings offers financing for owner-occupied two-unit homes (duplex), helping you create a property that meets your needs today and into the future.
With the same competitive rates and flexible terms as our standard construction loans, you'll receive personalized guidance from local lenders every step of the way - from planning and financing through construction and closing.
Single-Close Construction Loan
Our single-close construction loan finances both your construction and your mortgage in one streamlined loan.
Up to 95% Financing
We can finance up to 80% of the appraised value or 95% with private mortgage insurance (PMI).*
Pay Only Interest for 12 Months
Enjoy paying only the interest on your construction loan for 12 months (if no PMI).
Land Loans
If you don't currently own the land that you would like to build on, we can help you purchase land with your duplex construction loan.
General Contractor
A Skowhegan Savings Bank approved general contractor is required to oversee and manage the project as budgeted in your contract (containing State of Maine requirements), with a budget contingency for cost overruns.
Whether you're building a home for multi-generational living or creating an opportunity for rental income, Skowhegan Savings can help bring your vision to life. Contact one of our Community Bankers to get started, today!
*Subject to credit and private mortgage insurance (PMI) approval.
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