Construction Loan Financing

About constructions loans. At this time, we don't have any competitive 1-4 family dwelling loans complete construction loans.

We do have Rehabilitation or Repair loans for homes already constructed.

If the loan size is over the conventional limit, please contact us and we will assist in finding you a good construction loan program.

We will look for one loan, called a Single Close Loan, wherein your Construction Loan becomes your Permanent Loan...

The benefit here is that you don't have the cost of two loans in the construction process. This program is for Owner Occupied Construction. The following are general guidelines:

When you build your home to live in, you will have to have 10% to 15% of the costs to build in the form of liquid assets = (cash).

The credit requirement for construction loans is for Good Credit, but it doesn't have to be excellent.

Homes built for resale are called Speculation Homes and the cash down payment requirement for these construction loans is higher. Please ask me about these programs.

Unless you have experience in build homes or in related fields, it is best to have a General Contractor help with your construction loan. I have seen strong individuals brought to their knees by the Owner/Builder construction loan process.

It is difficult dealing with the Sub-Contractors, the timing is so important, and most of all, the Owner/Builder has to prove expenses he has made, where the General Contractor is able to "sign off" on many phases of the construction loan building process. An individual can be their own contractor, but it isn't easy.

Home construction loans are available from many sources but the cash required from the borrower varies. Let me search for home construction loans for you. Just call and give me your beginning numbers, and I will take it from there and you may choose from the best home construction loans available.

Entry to your new home.

Right now that is all there is. But, in 6-12 months, there will e a beautiful home behind those gates.

Click the following Link for in depth articles on all types of Construction Financing

Construction Loan University