A Construction loan will give you the funds you need to build your home, the way it was intended to be, exactly the way you want it. From initial builder plans, to purchasing the land lot, there are many steps in the Construction loan process that you need to pay attention to.
Construction Loan Types Offered:
- FHA - One time close that will utilize the land acquisition as an equity position to calculate loan to value. Normal minimum FHA rules apply with regards to a minimum 3.5% down payment and county loan limits will vary.
- VA - One time close with ZERO down with a valid Certificate of Eligibility from the VA. County loan amount limits will vary
- USDA - One time close with ZERO down. Will need to make sure address is USDA compliant.
- CONVENTIONAL/JUMBO/COMMERCIAL - These will be looked at by a case by case basis.