Construction Loans

Land Lot Loans-  Lot loans are Conventional loans that are used to purchase a lot for building a home.  If you are looking for purchase a land lot and build on it some time in the future this is the loan for you.  The term of the loan can be anywhere from 6 months to 5 years.  Interest rates and payments are very competitive.  This type loan is good for the borrower who wants to purchase their land now and build later.   Lot loans are great for borrowers with:

	minimal money down
	new or reestablishing credit
	no improvements to land
	no utilities on land
	buy now build later
	purchasing a mobile home
	closing cost can be financed into the loan

One Time Home Construction Loans-  are Conventional loans that are used for construction financing and permanent loan financing.  If you are looking to  build a new home and only want one loan for the construction and final loan then this is the loan you need.   The term of the first part of the loan can be anywhere from 2 months to 1 year.  The term of the second part is 30 years.  This type loan is good for the borrower who wants to only have on set of closing cost and documents.   One time loans are great for borrowers with:

	5% money down or more
	establishing credit
	cash reserves in the bank for upgrades to home
	customer home
	have a builder and land ready
	want to lock in an interest rate now
	closing cost can be financed into the loan

Construction Loans-  are Conventional loans that are used for construction financing only.  If you are looking to  build a new home and need a construction loan for your builder then this is the loan you need.  The term of the loan can be anywhere from 1 month to 9 months.  This is a short term loan.  This type loan is good for the borrower who needs a building/construction loan.  Construction loans are great for borrowers with:

	5% money down or more
	establishing credit
	cash reserves in the bank for upgrades to home
	small home builders
	customer builders
	not worried about changing interest rates
	closing cost can be financed into the loan