What Are Construction Loans?
One Time Close Construction Loans can be completed using Conventional, FHA or VA products. Conventional Construction Loans are subject to Conforming guidelines, FHA Construction Loans are limited to maximum FHA county/parish loan limits and VA Construction Loans can be obtained as VA High Balance Loans though may have restrictions of loan to value pending county/parish loan limits. Call us for the one-unit Conforming loan limit in your area. Serving Texas and Louisiana.
Benefits of Construction Loans
Construction Loans can relieve builder credit lines by qualifying the buyer. Closing cost can be rolled in the loan. These loans are based on the lower of the total cost (land, construction costs, soft costs and closing costs) and subject to completion values, in which includes the plans and specifications provided by the builder. This results in a one-time qualification process for the buyer. In addition the interest and contingency reserves may be included in the construction budget.
How to Get a Construction Loan?
Call LaVerne St.Mary with HomeTown Lenders! 832-253-3966.**
** Products, Programs and Guidelines subject to change with notice.