Ryan Vangilder, vice president and senior loan officer at the Ozarks Federal Savings and Loan Festus branch, said new construction loans and bridge loans are becoming more popular.
He said new construction loans are sought because prospective home buyers are finding it harder to find houses in the current market.
“It has been fairly steady for us,” Vangilder said of clients seeking new construction loans. “It seems to be an option a lot of people are having, especially with the regular inventory of homes for sale being lower. We are seeing more people build.”
Vangilder said bridge loans are popular because they allow customers to purchase a new home without selling the house they currently live in.
“Customers do not have to worry about buying, selling and closing on two homes on the same day,” he said. “People seem to really like it because it gives them flexibility, and they don’t have to worry about moving out of one house and moving into another on the same day.”
Ozarks Federal was founded in 1930, and its Festus branch is at 643 N. Creek Drive. The bank also has locations in Farmington, Ironton, Potosi and Fredericktown.
In addition to new construction and bridge loans, Ozarks Federal offers other traditional real estate loans, as well as programs for medical professionals, first responders and active and former military members that require lower down payments.
Vangilder said those seeking to buy a home, build a home or just buy a piece of land are well served by dealing with a local institution.
“We do our own dispersing,” he said. “It is very important to have someone local to contact. You do not have to call a 1-800 number and sift through an automated menu.”
For more information about Ozarks Federal, go to ofsl.bank.