Construction Loans

Whether or not your loan will contain mortgage insurance (MI) will depend on your down payment.        If you have a loan to value (LTV) of 80% or less, MI will never be required.  If your LTV is 80.1% to 90%, you may have the option of MI or taking a higher interest rate and avoiding

The down payment or equity needed will vary depending on a few variables such as when the property is purchased as well as the appraised value.  Both the cost of the project and appraised value are considered. Buy land to build or a buy house to tear down & build:  The program will allow you

The construction term is generally 12 and up to 18 months. The construction phase is the period of time your home is under construction. Once your home is complete, the loan moves automatically to the permanent phase and end loan with payments of principal and interest. During construction your payments are interest only based on

How much a borrower qualifies for varies widely depending what you are looking to do, the credit score, income and monthly debts. One item to keep in mind on construction loans is that if you plan on retaining a current property while the new one is being built or is under construction, you will need

The documentation needed for a construction is not that much different than a “regular” loan?  While every client’s items list will be different and the items below are not a complete list, typical items will be: Plans Unless your project includes just interior work with no change in the floor plan, you will need plans

If this is your first time doing a major rehab project or building a home, there will be some challenges and frustration along the way.  Fortunately, when it’s all done and your vision realized, it will be well worth the time and effort.  Some of the keys for a successful project are: Be Patient I’m