Calculate Construction Loan Payments in 75901, Texas

Discover how to finance your construction project in Lufkin, TX (75901) with Summit Lending. Use our tools to calculate loan payments and secure the funding you need for builds of all kinds.

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.

Are you a Military Veteran?

Yes

No

Occupancy Type

Property Type

Household Members*

Annual Household Income*

$

Credit Score

State

Population of 75901 Zip Code, Texas~30,000

The population of ZIP code 75901 in Lufkin, Texas is estimated at around 30,000 based on recent sources. One estimate reports 31,424 as the current population, while another lists 28,373, possibly from 2020 data. The area is part of the growing Lufkin region.

Average Construction Cost per Square Foot in 75901$100 - $150

The average cost to build a house in Lufkin, TX (75901) ranges from $100 to $150 per square foot, depending on grade (standard to premium construction), based on 2025 estimates from local sources. Basic custom home building averages around $113.67 per square foot.

Number of Building Permits Issued in 75901120

According to the U.S. Census Bureau, 120 building permits were issued in Angelina County, Texas in 2024. The 75901 ZIP code is located within Angelina County, which includes Lufkin, indicating ongoing construction activity in the area.

On this Page

Construction Loan Payment Calculations in 75901, Lufkin, Texas

Embarking on a construction project in the 75901 zip code of Lufkin, Texas, is an exciting endeavor, whether you're building a dream home, renovating an existing property, or developing commercial space. However, financing such projects can be complex, and understanding your loan payments is crucial for effective budgeting. At Summit Lending, we specialize in providing tailored construction loans to residents and builders in Texas, including Lufkin, as well as Utah, Idaho, and Wyoming. With over 50 years of combined experience, our mortgage brokers are committed to helping you navigate the financial aspects of your construction project, from calculating payments to securing the best loan terms. We're here to support you every step of the way in the thriving East Texas community of Lufkin.

Why Build in Lufkin, TX (75901)?

Lufkin, located in Angelina County within the 75901 zip code, is a prime location for construction projects due to its economic growth and strategic positioning in East Texas. According to the U.S. Census Bureau, Lufkin has a population of approximately 35,000, with steady growth driven by its role as a regional hub for commerce and industry. The city is home to major employers like Lufkin Industries and CHI St. Luke's Health, fostering a stable local economy. Additionally, Lufkin's cost of living is about 10% below the national average, as reported by BestPlaces.net, making it an attractive spot for affordable housing and commercial developments. The area's proximity to natural resources like the Angelina National Forest also draws interest for residential builds with scenic appeal. Whether you're a homeowner looking to build a custom residence or a developer planning a commercial project, Summit Lending can help you calculate and secure the necessary construction loan payments to make your project a reality in 75901.

What Are Construction Loans?

Construction loans are short-term financing solutions designed specifically to cover the costs associated with building or renovating a property. Unlike traditional mortgages, which provide funds in a lump sum, construction loans are disbursed in stages, often called 'draws,' corresponding to key milestones in the building process. This ensures that funds are available for materials, labor, and other expenses as needed throughout the project. At Summit Lending, we offer a variety of construction loans tailored to different needs in Lufkin, TX (75901), including custom home builds, major renovations, speculative homes for developers, and commercial construction projects. Our goal is to simplify the financing process, allowing you to focus on creating the space you've envisioned in this growing East Texas community.

Types of Construction Loans Available in 75901, Texas

At Summit Lending, we understand that every construction project is unique, especially in a diverse area like Lufkin, TX. That's why we offer several types of construction loans to meet the varying needs of our clients in the 75901 zip code. Here's an overview of the options available:

1. Construction-to-Permanent Loans

Also known as a 'one-time close' loan, this option allows you to finance both the construction phase and the permanent mortgage with a single loan. After the construction is complete, the loan seamlessly converts into a traditional mortgage without requiring a second closing. This saves time and reduces costs, making it a popular choice for homeowners in Lufkin looking to build their dream home.

2. Stand-Alone Construction Loans

This short-term loan covers only the construction phase. Once the project is finished, you'll need to secure a separate mortgage to pay off the construction loan. It's an ideal option for those in 75901 who already have a long-term financing plan or plan to sell the property after completion.

3. Renovation Loans

For homeowners in Lufkin looking to update an existing property, a renovation loan covers costs for materials, labor, and other expenses. These loans are perfect for increasing property value through significant improvements, especially in a market with growing demand like 75901.

4. Owner-Builder Loans

If you plan to act as your own general contractor in Lufkin, an owner-builder loan provides the funds to manage the construction process. This option requires detailed planning and documentation but can save on contractor fees for experienced builders in the 75901 area.

Ready to explore which loan suits your project? Contact Summit Lending today at [email protected] or call 385-200-1470 to discuss your construction financing needs in Lufkin, TX.

How to Calculate Construction Loan Payments in 75901

Calculating payments for a construction loan is a critical step in planning your project in Lufkin, TX (75901). While exact payments depend on factors like loan amount, interest rate, and terms, Summit Lending provides tools and guidance to help you understand your financial commitment. During the construction phase, most loans require interest-only payments on the funds disbursed. For instance, if you've drawn $75,000 from 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 milestones like framing or plumbing, the interest payments increase accordingly.

Once construction is complete, if you have a construction-to-permanent loan, the payment structure shifts to include both principal and interest, similar to a standard mortgage, over a term like 15 or 30 years. The final cost depends on the interest rate at conversion and the total loan amount. For a personalized estimate tailored to your project in Lufkin, use our Loan Calculator to input your details and get real-time projections based on current rates. If you need assistance, our team is just a call away at 385-200-1470 or visit our Contact Us page to get in touch.

How Construction Loans Work in Lufkin, TX

Understanding the process of a construction loan can help ensure a smooth experience for your project in the 75901 zip code. Here's a step-by-step breakdown:

Application and Pre-Approval: Start by applying for a loan with Summit Lending. We review your credit, income, and project plans to determine eligibility and provide a pre-approval, giving you a clear budget before starting construction in Lufkin.
Project Planning and Budgeting: Submit detailed plans, timelines, and a budget, including contractor bids and material costs. Our team ensures all documentation meets lender requirements for projects in 75901.
Loan Disbursement in Draws: Funds are released in stages based on project milestones, such as foundation completion or final inspection. An inspector may verify progress before each draw is released.
Construction Phase: During construction, you may make interest-only payments on disbursed funds, keeping costs manageable while building in Lufkin.
Completion and Conversion: Upon completion, the loan either converts to a permanent mortgage or is paid off through a separate mortgage or property sale.

For more details on getting started, visit our Pre-Approval Page or connect with one of our experienced Loan Officers for personalized assistance in Lufkin, TX.

Benefits of Summit Lending for Construction Loans in 75901

Choosing Summit Lending for your construction loan in Lufkin, TX, comes with numerous advantages. We pride ourselves on exceptional service and customized solutions for clients across Texas and beyond. Here are some reasons to partner with us:

Local Expertise: We understand the construction landscape in East Texas, including zoning laws and market trends in Lufkin (75901), ensuring compliance and efficiency.
Personalized Guidance: Our brokers work closely with you to find the best loan product for your budget and timeline in the 75901 area.
Streamlined Process: From application to closing, we simplify financing with clear communication for Lufkin residents and builders.
Builder Support: Through our Builder Portal, we offer specialized services for contractors and developers in Texas.
Competitive Rates: We strive to provide competitive interest rates to minimize the cost of your construction project in 75901.

Ready to start? Call us at 385-200-1470 or email [email protected] to speak with a construction loan expert today.

Construction Loan Requirements in Lufkin, TX

Qualifying for a construction loan in the 75901 zip code often requires more documentation than a standard mortgage due to the risks associated with building projects. Common criteria include a minimum credit score of 680, a down payment of 20-25% of the project cost, a debt-to-income ratio below 43%, detailed project plans, and an appraisal of the completed project's value. Summit Lending guides you through gathering these documents to meet lender requirements. For first-time builders, explore our First-Time Home Buyer resources for additional support.

Why Construction Loans Are Ideal for Lufkin, TX Projects

According to the U.S. Census Bureau, residential construction spending nationwide exceeded $800 billion in 2022, highlighting the growing demand for new builds and renovations. In Lufkin (75901), construction loans offer a practical way to fund projects without depleting personal savings or using high-interest credit options. They provide flexibility to build on your timeline while managing costs. Moreover, a well-executed project can boost property value significantly. The National Association of Realtors reports that renovations can yield a 60-80% return on investment, especially in growing markets like Lufkin, where demand for housing and commercial spaces continues to rise due to economic development and population growth.

Start Your Construction Project in 75901 with Summit Lending

Ready to break ground on your construction project in Lufkin, TX (75901)? Summit Lending is here to assist with every step, from calculating loan payments to securing the right financing. Our experienced mortgage brokers and loan officers are dedicated to finding the best construction loan for your needs in Texas. Don't delay—contact us now for a personalized quote. Reach out via email at [email protected], call 385-200-1470, or visit our office at 305 E Main Street Suite 202, Tremonton, UT 84337. Learn more about our services on our Mortgage Loans Page or read client feedback on our Testimonials Page. Let Summit Lending be your trusted partner in building your future in Lufkin, TX!

Median Household Income in 75901$59,083

The median household income in ZIP code 75901, located in Lufkin, Texas, is $59,083 based on recent census data. This is slightly higher than the city of Lufkin's median of $56,722, reflecting local economic variations.

Population Growth Rate in 75901-8.43%

The population growth rate in ZIP code 75901 (Lufkin, TX) is -8.43%, with a current population of 28,257 according to recent data. This represents a decline, while Angelina County overall saw a 0.211% increase from 2022 to 2023, suggesting localized demographic shifts.

Average Home Value in 75901$196,149

The average home value in ZIP code 75901, Lufkin, TX, is $196,149 according to Zillow, reflecting a 0.4% decrease over the past year. This is lower than some median sale prices reported, such as $246K on Redfin, indicating a potentially affordable market with varying trends.

Unemployment Rate in 759014.20%

The unemployment rate in Lufkin, TX (ZIP 75901) is currently 4.20%, unchanged from last month and down from 4.60% last year. This is below the long-term average of 5.96%, indicating a stable job market in Angelina County.