Loans typically last less than one year, and they are repaid with another "permanent" loan – you’ll get rid of the construction loan once construction is complete. Since construction loans have higher (often variable) rates than traditional home loans, you don’t want to keep the loan forever anyway.
A construction loan is a short-term loan by design, and you will need to have the long-term financing ready to go. Compare Top VA Purchase Lenders Take the guesswork out of finding a VA Loan provider.
Obtaining a Mortgage. If you have a standard construction loan, you can convert it to a standard residential mortgage by applying with the same or another lender before your home is complete.
Qualifying for a construction loan is harder. When you apply for a loan to build a home, the lender doesn’t have a complete home as collateral, so qualifying for a loan can be more difficult.
Can I get a construction loan after filing a bankruptcy and with a good credit score? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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These types of lenders often offer Self build construction loans and allow you to act as your own general contractor. The cost of construction loans from these lenders is often higher than the cost of loans from banks or credit unions but, these lenders are usually more willing to grant construction loans than banks or credit unions.
You can use the land on which you plan to build your dream house as equity for a construction loan, but make sure the property is free of title issues and other possible encumbrances before contacting a lender for a construction loan. You’ll also need to be prepared to put down around 20 percent.
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