A construction loan from Union Home Mortgage is the perfect mortgage product when you’re ready to build your dream home. Visit our website to learn about your options on your next new home build.
Building a new home is very exciting-it allows you to tailor your future dwelling to suit your specific needs. Owner-builder construction loans are home construction loans made for people who want to build their own home; for people who plan on doing the construction work that most people hire a general contractor to do and overseeing the project to completion.
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The Best Ways to Get a Construction Loan (US) – wikiHow – To get a construction loan, start by deciding if you want a short-term construction-only loan, which offers a lower interest rate but only gives you a year before you have to repay the loan. Alternatively, consider a construction-to-permanent loan, which has a higher interest rate but gives you longer to complete your project and repay the loan.
New construction loans for buyers. New construction loans may also be available to individuals who may already own their own lot and can provide evidence that they either have a general contractor or can prove they have sufficient knowledge and expertise to act as a general contractor. These loans would also be limited to 80 percent loan-to-value.
Hall Lending Group | Construction Loans | Cedar Rapids, IA – Construction Loans. It does not matter if you are looking to build a new home in Cedar Rapids, Iowa City, Waterloo or any other surrounding areas in Iowa, construction loans are available to help homeowners offset the upfront costs.
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Where to find home construction loans. To begin the process of applying and qualifying for a construction loan, talk to your bank. Most construction loans are issued by banks rather than mortgage companies, as the bank will hold onto the loan until the project is complete.
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2. Construction-only loan. With the construction-only loan approach, you take out two separate loans. One is solely for the construction of the home, which usually has a duration of a year or less.