Construction Loans

Constuction-to-Permanent Loans
For the borrower who wishes to obtain a first mortgage loan to construct or rehabilitate a home or property.

• Both construction and permanent loans are available.
• Many loan products (Fixed and ARM) and rate lock options that offer a variety of features.
• Flexible construction period can vary in length between 6, 9 and 12 months.
• Interest only payment option available
• Conversion to permanent mortgage available
• Purchase your land and build all in "one loan"
• Land owned (with balance due) can be rolled into loan
• One Closing (one set of closing costs)
• No re-qualification or updating loan documents upon home completion
• Programs available for borrowers who wish to be their own general contractors
• Stated and no-doc options available

Land/lot Loans
AMM lenders offer loans for purchasing or refinancing vacant land in certain states. The vacant land loan program is designed to help you secure property so that you can build a home in the near future. Their vacant land loan terms depend upon location, credit, income, employment, etc.

Remodeler Loans
This closed-end second financing is for the borrower who wishes to make improvements to an existing home.

Rehab Loans
Finances the purchase of a home and provides the additional funds to improve or renovate it. The amount of money that can be borrowed is based on the future value of the home after improvement. Perfect for the homebuyer looking to purchase a "fixer-upper" or a house that requires remodeling to accommodate family needs.

Bridge Loans
Used for a short duration of time until permanent financing is put in place or until your existing house is sold. They allow a purchaser or investor to act quickly, so they don't have to lose that once in a life time opportunity.

There are three categories of construction homes: (click here for commercial construction loans):

• Owner builder - for individuals who intend to live in the home and who act as the general contractor to build their homes. This can either be for primary residences or second homes.
  
  
• Custom construction for individuals who are hiring independent contractors to build their homes.
  
  
• Spec homes - these programs are for individuals or builders who are building homes for resale or investment