Residential Construction Loans

Residential construction loans are my specialty. Residential construction loans allow you to purchase the lot, fund the construction of your home using a residential construction loans product combined with your permanent loan and close only once, saving substantial money in closing costs.

I am a mortgage broker specializing in residential construction loans and represent 24 of the largest residential construction loans lenders. As a residential construction loans broker, I work for my client and not the residential construction loans lender, taking time to understand your situation and placing your residential construction loans with the residential construction lender who matches your needs. I give you unbiased advice and support throughout the process. Residential construction loans are a specialized product and most lenders or brokers do not have the experience to guide you through this complex process. This is some basic construction loans information but please call to discuss your individual construction project. At a fundamental level, construction loans offer two types of product characterized by how they base interest rates during the construction phase. I refer to these approaches as â€œOne Stepâ€ and â€œTwo Stepâ€. Email any questions on residential construction loans

This page is focused on new residential construction loans, if you are interested in 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 improvements to the property, we can use this equity to meet your down payment requirement or create an interest reserve account.

Several residential construction loans include:

One Time Close Residential Construction Loans Single Rate. "One Step" program protects you against increasing rates and extended lock fees. Interest only fixed rate during building and modifies into a permanent loan after construction.
One Time Close Residential Construction Loans 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. Allows a 12 month construction phase.
Stated Income residential construction loans are now available and are wonderful for the self employed or anyone with difficult to document income or asset situations.

There is a page detailing residential construction loan fees.

One of my favorite lenders has reopened their lending department. You can modify into the incredibly flexible Cash Flow Loan.

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

I have a list of documentation needed.

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

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

I have a page on calculating mortgage ratios.

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.

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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.

Residential Construction Loans Prequalify for your Residential Construction Loans.

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