Financing Your Pocono
Dream
Whether you are considering a primary home, second home, vacation home, vacation-to-retire home or rental income property... or any combination thereof, one of our lending partners can help answer your questions, and get you pre-qualified at no cost and put you on your way to achieving the Pocono dream.
It's always a good idea to get pre-qualified so you know what you're financing options are and how rates and terms can work for you. It's important to select a lender that offers construction loans, often referred to as "Construction to Permanent" loans. They are similar to a mortgage, but are specific to building a new home. And while most lenders offer conventional mortgages, not all lenders offer construction loans.
If you're considering using the home as a short-term rental some of the time, we advise you simply tell each lender it will be a second home in order to secure the best rates. Discussing short-term rentals may lead the bank to believe it is a commercial endeavor or a business, therefore they may want you to apply for a commercial loan, which comes with higher rates and down-payment requirements. If you are purely or professionally a vacation rental investor or STR investor, it's important to disclose that to the lender.
For construction loans please feel free to contact one of our approved lending partners. These lenders are used by our customers and are excellent in terms of rates, terms, fees and service.
For excellent rate and closing options for new construction mortgages, consider Community Bank. Contact Ashwini Dhanaraj, Mortgage Loan Consultant at C : 518.941.4027 or P: 518.903.8721 ext 60607 - email: ashwini.dhanaraj@cbna.com
For great rates in construction financing, check out Fidelity Bank. You can speak with Carmen Caputo, Vice President, Fidelity Bank. Cell: (570) 233-6313 | Office: (570) 504-8054. Carmen.Caputo@FDDbank.com. Use this QR code
to get pre-qualified.
For competitive rates and flexible terms visit Citizens Savings Bank.
Contact Bill Johnson. His phone is 570-313-3817. You can also click this link to see terms and/or apply. Email: bjohnson@citizens-savings.com
For Conventional, FHA and VA construction financing with credit score as low as 580, Cardinal Financial
can help you with your construction project. Please reach out to Stuart Drew at (610) 703-8522
to start your application.
With good credit and a good employment history you should have no trouble financing easily and affordably. All of our lending partners provide free pre-qualification quickly and can answer any of your construction financing questions.
Just let them know you're interested in having Great Pocono Homes
build your new home. They will take very good care of you.
The lenders listed on our approved list best serve the needs of our customers, are well managed, and are able to handle a significant volume of loans. Their fees, loan servicing and customer satisfaction levels are typically exceptional. Whichever lender you choose to use, be sure they offer "construction financing" in Pennsylvania. Please know that construction loans vary slightly from conventional mortgages. Most lenders that offer conventional mortgage financing do not offer construction loans, which are often referred to as "Construction-to-Permanent" loans.
Note: We do not require you to use any of the above lending partners for financing the construction of your new home, however Wells Fargo, M&T Bank, Fulton Bank, ESSA Bank & Trust, TD Bank and Bank of England are no longer on our approved lender list. Updates to our approved lender list are due to changes in loan servicing requirements, lender policies, rates or rate changes, customer service issues and overall customer satisfaction.
If you wish to consider a lender not listed, be sure they offer true "construction financing." As with any new lender, we charge a 1% loan servicing fee for any lender we agree to use that is not on our approved lender list. Any new lender that we consider must meet our requirements, including, but not limited to, meeting our draw schedule, which is limited to 6 or 7 draws, not collecting a retainage on any draw, unless that retainage is paid by the client, which is usually 10% of each draw, and not using third-party companies, such as "get-built" for funding.
