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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  
 
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