Construction loan requirements vary from lender to lender, but some of the common borrowing guidelines include: Good to excellent credit
To reduce risk, lenders typically require borrowers to have a minimum credit score of 680 to qualify for a construction loan
A home construction loan is a short-term, high-interest product that provides the funds required to build a residential property
The initial term on a construction loan generally lasts a year or less, during which time you must finish your construction project
The approval process for a construction loan is similar to that of a typical mortgage in that you’ll need to apply and submit documentation to your lender
Once approved, you’ll be able to start accessing the funds in conjunction with each phase of construction
Yes, construction loans often come with higher qualifying standards in terms of credit score requirements and down payment amounts. Usually, a mini...
Borrowers never actually touch the funds made available through construction loans because they’re paid directly to the builder. The contractor onl...
No. Prospective custom home builders have to self-finance the design phase of the home building contract. In addition, before you can take out a co...
