Conventional Construction Loan
This special loan gives you the opportunity and flexibility to construct a new home. During the construction/draw period, only interest payments are due on the drawn balance, then may be closed with a wide variety of loan options once the build is complete. Construction draw mortgages can be used to build primary residences usually up to $3M, and secondary homes up to $2.5M. It’s a good idea to check with your local mortgage broker on minimum and maximum loan amounts.
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FHA Construction Loan
The FHA One-Time Close (OTC) loan is a product that allows borrowers to combine financing for a lot purchase, construction and permanent mortgage into one first mortgage loan. Ideally suited for borrowers who are purchasing new construction, the FHA (one time close) loan offers the benefits of low money down financing, competitive interest rates and one closing for all financing. Lenders have now simplified the program even further, with a single administration fee which includes the construction interest, as well as such things as:
- Construction draws
- Title updates
- Any necessary loan modifications
- Construction underwriting
- Construction closing coordination
Check with your local mortgage broker to see what fees qualify.
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