Building or renovating your home is easier with the right construction financing in your plans.

Two Mortgage Companies Become One

Formed from the merger of two award-winning mortgage companies, Intercoastal Mortgage Company and MVB Mortgage, we are primed to serve our clients with greater options and shorter turn times. In West Virginia, we still operate under the MVB Mortgage brand as a registered trademark of Intercoastal Mortgage, LLC and continue to have an extremely strong relationship with MVB Bank throughout the state.

We offer competitive pricing and cutting-edge residential mortgage loan programs to meet all your home buying needs. We offer a broad menu of loan options, including Conventional, Non-Conventional, VA, FHA, USDA, jumbo, super jumbo, construction, renovation, and bridge loans.

As a direct lender, we control the process from start to finish. We make the loan decision and most of our loans are processed, underwritten, and closed in-house locally. Our veteran team of loan officers and mortgage professionals are equipped with a level of experience that is second to none. We look forward to serving our communities and helping our clients achieve the American dream of home ownership.

Benefits of a construction loan with MVB Mortgage

  • Low down payment options
  • Local lender
  • Affordability – Interest only payments during construction
  • Quick draw turn times
  • Streamlined draw process that is very timely
  • Great technology (BUILT) used to keep effective communication between builders and borrower

Quick Links

Explore our interactive Construction Group brochure below or download a digital copy to learn more!

Customer Frequently Asked Questions

  • You may receive your first bill up to 2 months post closing and it may be a billable amount up to two months of interest-only payments depending on when you close.
  • Email constructionloanservicing@mvbmortgage.com with your request, and be sure to include your loan number, name and updated address.  In the subject line, please enter “Request to update billing address” and include your loan number.
  • At this time, we do  not accept electronic payments. 
  • In special circumstances (delinquent payments), we will accept a wire for payment.  It will require a federal wire reference number.  Electronic transfers are unavailable.
  • Email constructionloanservicing@mvbmortgage.com if you would like to wire your payment.
  • At this time, only traditional mailing via USPS is allowed.  However, under special circumstances, electronic bills can be sent.   If you have a special circumstance and would like to request electronic billing, email constructionloanservicing@mvbmortgage.com with your request.

Builder Frequently Asked Questions

  • Email drawrequest@mvbmortgage.com and include the property address, homeowner name, loan number if available, amount of the draw and your wiring instructions.

What is a construction loan?

A home construction loan is a short-term loan that provides the funds required to build a residential property.

These loans are usually one year in duration, during which time the property must be built and a certificate of occupancy issued.

A construction loan can be used to cover the cost of the land, contractor labor, building materials, permits and more. It’s important to discuss these items with your Loan Officer at MVB Mortgage, specifically what will be included in your loan.

How do construction-to-permanent loans work?

Construction-to-permanent loans (only available in West Virginia) provide the funds to build the dwelling and for your permanent mortgage as well.  In other words, with a construction-to-permanent loan, you borrow money to pay for the cost of building your home, and once the house is complete and you move in, the loan is converted to a permanent mortgage.  Once it becomes a permanent mortgage you make payments that cover both interest and the principal.

Because construction loans are on such a short timetable and they’re dependent on the completion of the project, you need to provide MVB Mortgage with a construction timeline, detailed plans and a realistic budget.

Once approved, the loan will contain a payment schedule to the builder/contractor (also known as a draw schedule) that follows the project’s construction stages. You are required to make interest only payments during construction on the outstanding loan balance. Unlike personal loans that make a lump-sum payment, MVB Mortgage pays out the money in stages as work on the new home progresses.  While the home is being built, MVB Mortgage will have inspections completed by an independent third party to ensure the work is completed prior to releasing any requested funds from your loan.  You are only obligated to repay interest on any funds drawn to date until construction is completed.  There isn’t escrow collection on construction loans, so taxes, insurance, and all other costs are billed to you directly during construction and escrows are established when your loan coverts to the permanent mortgage.

How to get a home construction loan

At first glance, getting approval for a construction loan appears similar to the process of obtaining a mortgage. However, it does come with a few more requirements.

Prior to making an application for a construction loan, you should have an idea of your project budget at minimum. 

Our MVB Mortgage loan officers review a borrowers’ employment history, savings, income stability and ability to repay the loan. A property appraisal will also be obtained to support the value of the collateral.

To qualify, you’ll likely need:

  • Good to excellent credit
  • Stable income
  • A low debt-to-income ratio
  • A down payment (amount varies by program)

Finding a home construction loan lender

Because construction loans are more complex transactions than a standard mortgage, it is best to find a lender who specializes in construction lending and isn’t new to the process. That’s why MVB Mortgage should be your first call. Our loan officers are experienced with construction loans and are aided by a dedicated construction department.

Contact us today to learn details about our specific programs and procedures.

As a direct lender, we control the process from start to finish. We make the loan decision and our construction loans are processed, underwritten, and closed in-house locally. Our veteran team of loan officers and mortgage professionals are equipped with a level of experience that is second to none.