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Construction Loan Information

Construction loan products are my specialty. Carteret Mortgage has expanded its One Time Close Construction Loan offering. These construction loan programs allow you to purchase the lot, fund the construction of your home using a construction loan product combined with your permanent loan and close only one time, saving you a substantial amount of money in closing costs. Email with questions on your construction loan

I am a construction loan mortgage broker and represent 22 of the largest construction lenders in the market. As a construction loan broker, I work for my client and not the construction loan lender, taking the time to understand your situation and placing your construction loan with the lender whose programs match your needs. I give you unbiased advice and support throughout the construction loan process. Construction lending is a specialized part of mortgage banking and most brokers do not have the experience or construction loan information to guide you through this complex process. I have given you some basic construction loan information here but please call to discuss your 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 renovating an existing home please go to my renovation loans page.

If you have owned your lot for 1 year, or if you have documented "on site" improvements, we may be able to use this equity to meet your down payment requirement on your construction loan or create an interest reserve account.

 Construction Loan Information is available on:

  • One Time Close Construction Loan Single Rate. "One Step" program protects you against increasing rates and extended lock fees. Interest only fixed rate 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 the building period with interest only collected on funds disbursed.

  • Lot Loans. Designed for those who found the perfect lot but are not ready to build. Low down payment products available.

  • Stated Income products are wonderful for the self employed or anyone with difficult to document income situations.

I have written a newsletter covering them, and a construction FAQ is available.

I have a list of documentation needed to process these.

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.

I have included detailed Frequently Asked Questions and common misconceptions about the process of building your home with a construction/perm loan.

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 lrnding department. They offer you the ability to modify into the incredibly flexible Cash Flow Loan when your project is complete.

Search the site for more information.

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.