Calculate Construction Loan Payments in Benewah County, Idaho

Discover how to calculate payments for construction loans of all kinds in Benewah County, Idaho, with Summit Lending. Get tailored financing solutions to build your dream project today.

One Time Close

With a one-time close construction loan, you finance both the construction and the long-term mortgage for your new home at the same time in one transaction.

Two Time Close

With a two-time close construction loan, you have two separate loans for the construction of your new home. First, you will have a loan for the construction, and then once the home is finalized this loan is paid off by a separate loan for the long-term financing.

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Population of Benewah County, Idaho~10,000

Benewah County, Idaho has an estimated population of approximately 10,000 as of 2023, with a 2025 projection of 10,525 according to recent census data and estimates. This reflects a growth rate of about 0.75% annually from the 2020 census figure of 9,530.

Number of Building Permits Issued in Benewah County, Idaho14

In 2023, 14 new residential building permits were issued in Benewah County, Idaho, according to the U.S. Census Bureau's Building Permits Survey, indicating moderate new construction activity in this rural area.

Average Construction Cost per Square Foot in Benewah County, Idaho$100 - $200

The average construction cost per square foot in Idaho ranges from $100 to $200, based on 2024-2025 data. While specific figures for Benewah County are limited, the median listing home price in the county is $250 per square foot, indicating potential market influences on building costs.

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Construction Loan Payment Calculations in Benewah County, Idaho

Embarking on a construction project in Benewah County, Idaho, is an exciting opportunity, whether you're building a custom home along the St. Joe River, renovating a historic property in St. Maries, or developing a small commercial space in Plummer. However, financing such projects can be complex without the right guidance. At Summit Lending, we specialize in helping clients calculate construction loan payments and secure the funding needed to bring their visions to life. With over 50 years of combined experience, our mortgage brokers are dedicated to providing personalized solutions for all types of construction projects in Idaho, Utah, Texas, and Wyoming.

Why Choose Benewah County for Your Construction Project?

Benewah County, located in northern Idaho, offers a unique blend of rural charm and natural beauty, making it a prime location for construction projects. The county seat, St. Maries, is often called the 'Gateway to the St. Joe,' referencing the scenic St. Joe River, which is a haven for outdoor enthusiasts. According to the U.S. Census Bureau, the county's population was approximately 9,500 in 2022, with a steady interest in residential and recreational properties due to its proximity to larger hubs like Coeur d'Alene and Spokane, Washington. The area’s appeal lies in its affordability compared to urban centers, with median home values around $250,000 as reported by Zillow in 2023, and vast opportunities for custom builds on expansive lots.

Whether you're a homeowner looking to build a cabin retreat, a developer eyeing speculative homes, or a business owner planning a small commercial project, Benewah County provides a supportive environment with fewer zoning restrictions than urban areas. Partnering with Summit Lending ensures you have the financial backing to capitalize on these opportunities. Contact us at [email protected] or call 385-200-1470 to discuss your project in Benewah County today.

What Are Construction Loans?

A construction loan is a short-term financing solution designed to cover the costs of building or renovating a property. Unlike traditional mortgages that provide a lump sum, construction loans are disbursed in stages, or 'draws,' aligned with project milestones such as foundation laying, framing, or final inspections. This structure ensures funds are available when needed for materials, labor, and other expenses specific to your build in Benewah County.

At Summit Lending, we offer construction loans for various projects, including:

Custom home builds for families seeking a rural Idaho lifestyle
Speculative homes for builders capitalizing on growing demand
Major renovations of existing properties in St. Maries or Plummer
Commercial construction for small businesses in the county

Our goal is to simplify the financing process so you can focus on creating your ideal space. Visit our Construction Loans Page for more details on how we can support your project in Benewah County.

Types of Construction Loans Available in Benewah County

At Summit Lending, we understand that every construction project is unique, especially in a diverse area like Benewah County. We offer a variety of loan types to meet your specific needs:

1. Construction-to-Permanent Loans

Also known as a 'one-time close' loan, this option finances both the construction phase and the permanent mortgage with a single loan. After your project is complete, the loan converts to a traditional mortgage, saving time and reducing closing costs. This is ideal for homeowners in Benewah County planning to settle long-term in their new build.

2. Stand-Alone Construction Loans

This short-term loan covers only the building phase. Once your project in St. Maries or elsewhere in the county is finished, you’ll secure a separate mortgage to pay off the construction loan. This suits builders who plan to sell the property post-completion.

3. Renovation Loans

For those updating older homes or cabins in Benewah County, renovation loans cover costs like materials and labor. These loans are perfect for increasing property value in a market with growing interest in rural properties.

4. Owner-Builder Loans

If you’re acting as your own general contractor in Benewah County, this loan provides funds to manage the construction process. It requires detailed planning but can save on costs for experienced builders.

Ready to explore your options? Reach out to Summit Lending via our Contact Us Page or call us at 385-200-1470 for personalized guidance.

How to Calculate Construction Loan Payments

Calculating payments for a construction loan in Benewah County can seem daunting, but Summit Lending makes it straightforward. During the construction phase, most loans require interest-only payments on the disbursed funds. For instance, if you’ve drawn $75,000 of a $300,000 loan at a 5% interest rate, your monthly interest payment would be approximately $312.50 ($75,000 x 0.05 / 12). As more funds are drawn for your project—whether it’s framing a home near Chatcolet Lake or completing a commercial build in Plummer—your interest payments will increase accordingly.

Once construction is complete, if you have a construction-to-permanent loan, payments will shift to include both principal and interest, similar to a standard mortgage. The final cost depends on the loan term (e.g., 15 or 30 years) and the interest rate at conversion. Factors specific to Benewah County, such as local contractor rates (often ranging from $50-$100 per hour as per 2023 data from HomeAdvisor) and material costs influenced by rural logistics, can also impact your overall budget.

For a precise estimate, use our Loan Calculator to input details specific to your Benewah County project and get real-time payment projections with current interest rates. If you need assistance, our team in Tremonton, UT, is just a call away at 385-200-1470.

Steps to Secure a Construction Loan in Benewah County

Understanding the process of obtaining a construction loan can help ensure a smooth experience for your project in Benewah County. Here’s how it works with Summit Lending:

Application and Pre-Approval: Start by applying with Summit Lending. We’ll review your credit, income, and project plans to determine eligibility. Pre-approval helps set a realistic budget for your build near the St. Joe River or elsewhere in the county. Learn more on our Pre-Approval Page.
Project Planning: Provide detailed plans, timelines, and budgets, including contractor bids and material costs. Our team ensures all documentation meets lender standards, considering local Benewah County regulations.
Loan Disbursement: Funds are released in draws based on milestones. An inspector may verify progress at each stage, ensuring your project stays on track.
Construction Phase: Make interest-only payments on disbursed amounts, keeping costs manageable during the build.
Completion: Once finished, the loan converts to a permanent mortgage (if applicable) or is paid off via a separate mortgage or property sale.

Navigating this process can be complex, but our experienced brokers are here to help. Meet our team on the Loan Officers Page for expert assistance.

Benefits of Summit Lending for Benewah County Projects

Choosing Summit Lending for your construction loan in Benewah County comes with distinct advantages:

Local Expertise: We understand Idaho’s unique construction challenges, including Benewah County’s rural zoning and environmental considerations around areas like Heyburn State Park.
Personalized Service: Our brokers tailor loan products to your project, whether it’s a lakeside cabin or a commercial space in St. Maries.
Streamlined Financing: We simplify the process from application to closing, with clear communication at every step.
Builder Support: Contractors benefit from our Builder Portal, offering specialized services for construction professionals.
Competitive Rates: We strive to provide affordable terms to minimize the cost of your project.

Start building today—email us at [email protected] or visit our office at 305 E Main Street Suite 202, Tremonton, UT 84337.

Construction Loan Requirements

Qualifying for a construction loan in Benewah County requires more documentation than a standard mortgage due to the risks involved. Common criteria include:

Credit Score: A minimum of 680 is often required, with higher scores securing better rates.
Down Payment: Typically 20-25% of the project cost, though some programs offer lower options.
Debt-to-Income Ratio: Lenders prefer a DTI below 43% to ensure repayment capacity.
Project Plans: Detailed blueprints, budgets, and contractor agreements are essential, especially considering local Benewah County building codes.
Appraisal: An appraisal of the completed project’s value determines loan eligibility, factoring in local market trends.

For first-time builders, our First-Time Home Buyer Page offers additional resources to guide you through the process.

Why Construction Loans Matter in Benewah County

According to the National Association of Home Builders, rural areas like Benewah County have seen a 15% increase in construction permit applications from 2020 to 2023, driven by demand for vacation homes and remote work relocations post-pandemic. Construction loans provide a practical way to fund these projects without depleting personal savings. Moreover, a report from the National Association of Realtors suggests that well-planned renovations or new builds in scenic areas can yield a return on investment of 60-80%, making construction a smart financial move in Benewah County.

Get Started with Summit Lending Today

Ready to calculate your construction loan payments and start building in Benewah County, Idaho? Summit Lending is your trusted partner. Our team is committed to finding the right financing solution for your project, backed by decades of experience. Don’t wait—contact us now for a personalized quote. Email [email protected], call 385-200-1470, or explore our services further on the Mortgage Loans Page. See what our clients say about us on our Testimonials Page. Let Summit Lending help you build the future you’ve dreamed of in Benewah County!

Median Home Value in Benewah County, Idaho$332,000

The median home value in Benewah County, Idaho is approximately $332,000, up 0.8% over the past year according to Zillow. This is lower than median prices in many other Idaho counties, offering affordable housing opportunities with potential for appreciation.

Average Land Price per Acre in Benewah County, Idaho$22,131

The average land price per acre in Benewah County, Idaho is approximately $22,131 based on current listings totaling 3,151 acres for sale. Other sources report a median price of $14,000 per acre, indicating a range in market values for rural and undeveloped land.

Unemployment Rate in Benewah County, Idaho4.4%

The unemployment rate in Benewah County, Idaho, stands at 4.4% as of June 2025, according to USAFacts. This is slightly above the Idaho state average of 3.7% in July 2025 but below the national average of 5.2%, indicating a relatively stable local job market compared to broader trends.

Number of New Housing Starts in Benewah County, Idaho~7

Based on real estate listings, there are approximately 5-9 new construction homes currently for sale in Benewah County, ID, suggesting low levels of new housing starts in this small county.