Construction to Permanent Loans
Build the home of your dreams or remodel your existing house. Some First Time Buyers want to do a little work on their home while other existing home owners want the financing to remodel their home. We can do Fair credit construction loans.
A construction to permanent loan is basically, two loans in one. The reason you need two loans is because when building a new home there is a period where there is not an existing house which we call the construction phase. You can finance the building of the home with one loans and then get a permanent mortgage once the house is built and remember we can help even if you have Fair credit.
Construction loans differ from your basic mortgage because you are taking out a loan on something that is not yet, well constructed. We have to determine the value of the home that will be built and this involves a little more paper work as we have described below.
- First - Select a licensed architect to interpret your dream home
- Second - Find a builder to make your dream home a reality
- Third - Finance your dream house with a Construction-to-Permanent Loan. This is where we can help.
We work with lenders that let you build the home of your dreams or turn that diamond-in-the-rough into the home you have always dreamed of. When construction is finished, you can live in it for years to come without the worry or hassle of applying for another loan.
To start the Construction-to-Permanent Loan process, here is what we need:
From You -
- Loan Application
From your Architect -
- Final Plans and Specifications
From your Builder -
- Construction Contract
- Line Item Cost Breakdown
- Description of Materials
- Builder's Statement
- Construction Insurance
Prior to the loan closing, you will also need to obtain:
- Course of Construction Casualty Insurance
Permits for your community
One Time Close, Construction to Permanent Loan Highlights...
- Loans to $3 million and more
- 360+ term
- Construction-to-Permanent financing
- One Time Close Option
- Reduced and No Documentation, No Ratio loans
- Flexible construction loan terms of 6, 9, and 12 months
- Dependable, flexible disbursements
- Fair Credit Construction Loans
- Primary and secondary residence