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Residential Construction Loan
                                                                                                     

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

I am a residential construction loan mortgage broker and represent 22 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 residential construction loan 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 residential construction loan information hear but please do not hesitate to call to discuss your individual residential construction 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

 This page is focused on new construction, if you are interested in renovating an existing home please go to my construction loans 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.

Several Residential Construction Loan include:

  • One Time Close Residential Construction Loan 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 Residential Construction Loan 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. 

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

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

I have a list of documentation needed.

There is a new page detailing residential 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 lending department. They offer you the ability to modify into the incredibly flexible Cash Flow Loan

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.

New!

 

Residential Construction Loan   Prequalify for your Residential 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