Construction Loan

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Loan Highlights

What is a Construction Loan?

A construction is a short-term loan used to finance the building of a home or real estate project. The builder or home buyer takes out a construction loan to cover the costs of the project before obtaining long-term funding. After construction of the home is complete, the borrower can either refinance the construction loan into a permanent mortgage or utilize our “One-Time-Close” product that will automatically convert to a fixed rate mortgage. Some construction loans may require the balance to be paid off entirely by the time the project is complete. Construction loans can cover the cost of the land, contractor labor, building materials, and permits.

Construction Loan Requirements

Construction Loans have a few requirements that differ from Conventional, FHA, and VA loans.

  • Typically, only allow the home building to be completed by a licensed and approved builder
  • Loan may be due to be paid in full or refinanced at end of construction phase
  • Need to meet credit requirements

There are other loan requirements depending on circumstance, please reach out to a loan officer for specific loan questions.

What is a Construction Loan?
Construction Loan Requirements

What is a Construction Loan?

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Construction Loan Requirements

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  • Donec at purus eget quam finibus consequat.
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