Construction Loan
Construction loan products are my specialty.
Construction loan programs
allow you to purchase the lot, fund the construction of your single family home
using a construction loan product combined with your permanent loan and close once, saving substantial money in closing costs.
Please email with questions on your
construction
loan
I am a
mortgage broker specialized in construction loan products and represent 22 of the largest construction lenders. As a
construction loan broker, I work for my client and not the lender, placing your construction loan with the lender whose
construction loan programs
match your needs. I give you unbiased advice and support throughout the
construction loan process. I have given you some
basic information on the construction loan here but please call to discuss
your construction project. At the fundamental level, construction lenders
offer two types of construction loan product characterized by how they base interest rates during
the construction phase. I refer to these approaches as “One Step” and
“Two Step”
This page is
focused on new construction loan products, if you are interested in renovating an existing
home please go to my renovation
loan page.
If you have owned your lot for 1 year, or if you have documented
"on site" improvements to the property, we may be able to use this equity to
meet your down payment requirement or create an interest reserve account.
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Several products include:
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One Time Close
Construction Loan
Single Rate. "One Step" program protects you against increasing
rates and extended lock fees. Interest only during construction and modifies
into a permanent loan after completion.
-
One Time Close
Construction Loan Prime Rate
Based. "Two Step" program
allows you to borrow up to 95% of your total cost for a Principal Residence. Based on the Prime Rate during
construction with interest only collected on funds disbursed.
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Lot Loans.
Designed for those who found the perfect lot but are not ready to build.
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Stated Income construction loan products are wonderful for the self employed or anyone with difficult
to document income or asset situations.
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I have written a
newsletter
covering them, and a construction FAQ
is available. I
have included detailed Frequently Asked Questions and common
misconceptions about the process of building your home with a construction/perm
loan.
I have a list of documentation needed
to process them.
There is a new page detailing construction
loan fees.
I have detailed information on extended
interest rate locks with a float down option.
I have a page on calculating mortgage qualification ratios.
Learn about as completed value
financing
I have also included information on the specialized areas
of log home, modular
home, or timber frame home
financing
If you are not ready to build but have found the perfect lot.
The new Purchase Plus Lot
Loan can save you a great deal of money.
New! One of my favorite lenders has
finally reopened their lending department. They offer you the ability to
modify into the incredibly flexible Cash Flow Loan
when your construction is complete.
As a
Certified Mortgage Planning
Specialist, I offer an analysis of
your situation today can make suggestions on how small changes in how
your debt is structured today can have a life changing effect in the years
to come. Read more
about this free, no obligation service.
Prequalify for your
Construction Loan.
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