Construction on house

Construction Loans

Lean on 20 years of Hudson Valley Construction
Loan Experience

"The Process Worked Perfectly"

From construction to mortgage, you need this to be easy. And with a single application, you’ve handled your construction loan and your mortgage. You choose if you want the loan converted to a conventional fixed-rate mortgage or an ARM. And we handle the transition when construction is complete.
  • Apply icon

    Apply

    Apply for your construction loan
  • Decide icon

    Decide

    Decide if you want it to roll into a conventional fixed-rate mortgage or an ARM
  • Relax icon

    Relax

    Relax, because your loan is converted seamlessly to your mortgage after construction is complete

So how does it work?

  1. 1

    Plan

    • Get your finances in order
    • Research and pick a builder. Confirm your builder is qualified to do business with MHV
  2. 2

    Apply

    • Pull together your specs, plans, surveys, and any required permits and certificates
    • Get your builder’s proposed disbursement schedule
  3. 3

    Build

    • MHV will inspect the property as needed
    • Funds will be disbursed to the builder according to the disbursement schedule
    • Loan payments are interest-only during construction
  4. 4

    Convert

    • Provide certificate of occupancy, final survey, and homeowner’s insurance policy
    • Review amortization documents to understand your mortgage payment schedule
    • Begin repayment

We'll be in touch within 1 business day.

Pro tip



We recommend you have at least 20% of the total cost available. This amount will protect you in the event the cost of the project exceeds the amount of your loan.

But why borrow local?

Because things happen, but you’ll feel confident knowing your lender isn’t halfway across the country. 

  • Bank icon

    All loans are serviced in-house

    That means faster communication and easier solutions to roadblocks.
  • Support icon

    Rapid Support

    Your MHV team can work directly with you and your builder when issues come up...like when you start the foundation and hit rock.

We'll be in touch within 1 business day.

Pro tip


Construction projects are stressful, no matter how well you plan. Ask your builder questions. Learn their process and what you can expect. 

Stop the Stress

Construction loans can be overwhelming. Grab this guide to walk you through exactly what you need to do every step of the way – including the documents you’ll need to have. 

Download Guide
Construction ebook

Pro tip


Beware of the upgrades. Upgrading your appliances, hardware, etc., doesn’t seem like a big deal. But the extra costs add up quickly. And once you’ve exhausted your loan amount, everything else is out of your pocket. 

How can I prepare?

There’s a lot of documentation that goes along with a construction loan. These are some things to consider but check out this guide for a more comprehensive list.

  • Document icon

    Your Financials

    You’ll need evidence of income and proof of employment, such as W2s, paystubs and tax returns. Your credit is also going to be important, so run a credit check here to make sure your information is accurate and your score healthy. You’ll also need to have money set aside to cover any out-of-pocked or emergency expenses.
  • Select a builder

    Your Builder

    Research potential builders and be sure you work with someone who is a licensed contractor. Reach out to us when you’ve picked one to confirm they’re eligible to do business with MHV. If they’re not, we’ll send them a Builder Package to complete.
  • House

    Your Home

    You can use your loan to build any single-family detached home. You can build in any style, but the house should be comparable to other homes in the neighborhood.
  • Construction costs

    Your Costs

    Have clear conversations with your builder about the estimated costs before applying. Keep in mind you may need to pay for things like site preparation, landscaping, and permits. Once your loan closes, you can’t add more to the amount.

We'll be in touch within 1 business day.

Who will I work with?

Your construction loan expert will help you navigate the process like a pro. You’ll be backed by a processor who will work with you on your application and a loan servicing team that will manage your builder’s disbursements and roll your loan into a mortgage 

Bill Walsh

Bill Walsh

Mortgage Originator

Phone: 914.474.5194
Email: [email protected]

Branches Covered:
Red Hook, Rhinebeck, Poughkeepsie & Putnam County
NMLS #: 454307

Visit Bill's Website 

Guy Greco

Guy Greco

Mortgage Originator

Phone:845.802.4072
Email: [email protected]

Branches Covered:
Kingston, Saugerties, Woodstock & Hurley Ave.
NMLS #: 2213002

Visit Guy's Website

Danielle Crossen

Danielle Crossen

Mortgage Originator

Phone:845.418.9263
Email: [email protected]

Branches Covered:
Highland & Port Ewen
NMLS #: 1678247

Visit Danielle's Website

Tom Mchugh

Tom McHugh

Mortgage Originator

Phone: 845.363.8993
Email: [email protected]

Branches Covered:
LaGrange, Fishkill,
Putnam & Westchester Counties
NMLS #: 697524


Visit Tom's Website
Denise Quinn

Denise Quinn

Mortgage Originator

Phone:845.522.3844
Email: [email protected]

Branches Covered:
Middletown, Rockland & Sullivan Counties
NMLS #: 454310

Visit Denise's Website

Jose Ortiz

Jose Ortiz

Mortgage Originator

Phone:845.663.6243
Email: [email protected]

Branches Covered:
Peekskill & Westchester County
NMLS #: 724128

Hablo español

Visit Jose's Website

Rick Farrow

Rick Farrow

Mortgage Originator

Phone:845.527.2090
Email: [email protected]

Branches Covered:
Newburgh & Rockland County
NMLS #: 800674

Visit Rick's Website

estimate Your Payment

The PMI rate will vary based on credit score, down payment and other criteria.

"Never an Issue"

  • The staff is phenomenal. They are friendly and help you with anything. Management always says hello. The personalization of MHV is refreshing.
    Anne E.
  • I got a construction loan & then mortgage with MHV and found the process worked perfectly. I was only asked to provide information once, and all schedules were met without issue. The construction loan process itself was the first time I had ever done this process and they worked with me to meet all the requirements, the funds disbursements process was never an issue & my contractors were satisfied with my ability to pay them.
    Mark G.

Commonly Asked Questions About Construction Loans

  • A Construction Loan is a short-term loan used to finance the construction of a new home. Typically, the construction loan is refinanced into a permanent loan after the home is completed. For additional information please click here.

    To schedule an appointment with a Mortgage Originator please call us at 845.336.4444.

  • This is a loan that provides financing to purchase an unimproved residential lot for the purpose of building a single-family, owner-occupied dwelling.

    For more information or to schedule an appointment with a Mortgage Originator please call us at 845.336.4444 or toll free at 800.451.8373, ext. 3472.

  • You can build any single-family home, provided it’s comparable to other homes in the neighborhood.
  • Yes, but that amount will go against the total available amount you have to draw from for construction.
  • No, once the loan is closed no adjustments can be made.
  • You’ll sign an agreement indicating your project will be completed within a certain time frame. If there are delays, those will be given individual attention by your team here at MHV in cooperation with your builder.