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Home Construction Loan

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

I am a home construction loan mortgage broker and represent 22 of the largest home construction lenders in the market. As a broker, I work for my client and not the lender, taking the time to understand your situation and placing your home construction loan with the lender whose home construction loan programs match your needs. I am able to give you unbiased advice and support throughout the home construction loan process. Home construction lending is a specialized part of mortgage banking and most brokers do not have the experience to guide you through this complex process. I have given you some basic home construction loan information here but please call to discuss your individual home construction project. At the fundamental level, home construction lenders offer two types of product characterized by how they base interest rates during the construction phase. I refer to these approaches as One Step and Two Step

Several Home Construction Loan products include:

  • One Time Close Home 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 construction.

  • One Time Close Home 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 construction with interest only collected on funds disbursed. 

  • Lot Loans. Designed for those who found the perfect lot but are not ready to build.

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.

I have written a series of newsletters covering these which are available free.

I have included a list of documentation needed to process.

There is a new page detailing construction loan fees.

I have included detailed information on extended interest rate locks with a free float down option. 

I have included a page on how to calculate your mortgage qualification ratios.

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

I have also included  information on the specialized areas of log home, modular home, or timber frame 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.


Home Construction Loan Prequalify for your Home Construction Loan.

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Certified Mortgage Planning Specialist

NEVER an Origination Fee!

Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.                                                                                                                       VA Mortgage