how do you get a construction loan

"The last thing you want to do is spend a lot of money on plans and specs, only to find out you can’t get a loan because of your credit score," Rodriguez says.

A construction loan is likely to be useful to you if you are building a home yourself as general contractor or working with a custom builder. Most new home construction loans provide short-term funds designed to get you through the building stage of your project (six to 12 months) followed by a conversion into a permanent long-term loan of 30.

If you’re thinking about borrowing to build a new home, you need to be aware of the complexities of construction lending. Paying a mortgage on your current home while looking for a construction loan will require you to show you can cover both loans. There are some workarounds if that’s not the case.

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We’ll explore the three steps you’ll need to go through to get approved for a construction loan. Credit approval. Just like a standard loan, the lender will need paperwork from you proving you have the ability to repay the loan. Many people mistakenly assume that you need a down payment of at least 10-25% to do a construction loan.

A construction loan gives a new owner the money they need to build a home. Unlike a standard mortgage, the term on a construction loan only lasts for the amount of time it takes to build the home-usually one year or less. Once the construction is complete, you transition to a mortgage.

 · http://www.homeloanexperts.com.au/home-loan-articles/construction-loan-tips/ Want to build your dream home? Find out how you can get a home loan! Do you qual.

Finance big plans with a CT or MA bank construction loan from United Bank. Learn more about our home construction loans in CT and MA.

How a Construction Loan Works Loans typically last less than one year, and they are repaid with another "permanent" loan – you’ll get rid of the construction loan once construction is complete. Since construction loans have higher (often variable) rates than traditional home loans, you don’t want to keep the loan forever anyway.

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