A construction loan is a short-term mortgage specifically designed to finance the construction of a new home or building. Unlike a traditional mortgage loan, which is used to purchase an already-built property, a construction loan provides funding to cover the costs of the construction process. T...
If you can’t find the right home to buy, you might be thinking about building a house instead. Financing this type of project is somewhat different than borrowing funds to buy an existing property, however. Instead of a mortgage, you take on a construction loan (also known as a ...
which helps “veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation.” Available information includesVA Home Loan pamphlets, frequently asked questions about the VA loan program, specially adapted housing ...
Once building is complete, home construction loans are either converted to permanent mortgages or paid in full. During the construction phase, the borrower pays only interest on the loan. When is a construction loan used? A construction loan can be used to finance a c...
The FHA loan is often referred to as the “first-time home buyer” loan. However, you do not have to be a first-time home buyer. In fact, you can own other properties and still qualify for an FHA loan. The FHA loan is popular because a low down payment is allowed, and the rates...
About Us We are committed to quality customer service - putting the people we serve first. Take advantage of our expertise in the residential lending industry by applying online today. Contact Us Loan Programs Here at Versatile Mortgage LLC, we have the right loan program for you. Whether you...
For veterans and active-duty service members, Green Tree Companies proudly holds aVA builder ID Number (01227), ensuring peace of mind when using VA loan benefits. Contact us directly today to learn how we can help you find the perfect home!
VA Construction to Permanent Loan: UPDATE Due to the effects of COVID-19, we have temporarily suspended all construction-to-permanent financing.
What is an owner builder construction loan? Owner builder loans are made for borrowers who are building their own home. For these loans, the owner may be acting as the general contractor for the project or may be a professional home builder themselves. Many lenders are leery of these loans ...
They come in two varieties: one-time close loans (or construction-to-permanent loans) and two-time close loans, which split the loan into an initial non-VA construction loan followed by a traditional VA-guaranteed permanent home loan that refinances the construction loan. VA loans are unique ...