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Online Construction Loans                                                                                                     

Construction/Perm Loans

Carteret Mortgage Company has expanded its “One Time Close Construction-Permanent Loan” offering. Online Construction Loans  allow you to purchase the lot, fund the construction of your single family home using construction loans combined with your permanent loan and close only one time, saving you a substantial amount of money in closing costs. Please email with online construction loans questions

I am a construction loans mortgage broker and represent 16 of the largest 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 construction loans with the lender whose programs most closely match your situation and needs. I am able to give you unbiased advice and support throughout the process. Construction lending is a specialized part of mortgage banking and most lenders or brokers do not have the experience to guide you through this complex process. I have given you some basic construction loans information herebut please do not hesitate to call to discuss your individual project. At the most fundamental level, construction lenders offer two types of product characterized by how they base interest rates during the construction phase. I will refer to these approaches as “One Step” and “Two Step”

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. Depending on the size of the interest reserve account, these funds may make some or all of your payments during the construction phase.

Several Online Construction Loans include:

  • One Time Close Construction/Perm Single Rate. "One Step" program which protects you against increasing rates and extended lock fees. Interest only fixed rate during construction and modifies into a permanent loan after construction. Great flexibility and low rates on ARMs.

  • One Time Close Construction/Perm Prime Rate Based. "Two Step" program allows you to borrow up to 95% of your total cost for a Principal Residence and up to 90% on a Vacation Home. Based on the Prime Rate  during the construction period with interest only collected on funds disbursed. Allows a 12 month construction phase. 

  • FHA 203(k). The FHA 203(k) allows you to purchase or refinance existing housing and finance up to 110% of the costs needed to improve the home. The 203(k) is ideal for "fixer-uppers" or "handyman specials". 

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

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

I have written a series of newsletters covering construction/perm financing loans which are available free.

I have included a list of documentation needed.

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 your home with a construction/perm loan.

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

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

Online construction loans Prequalify for your Online Construction Loan.


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