Building your own house can be fun and exciting. It can also be stressful: how are you supposed to get a mortgage for something that doesn’t even exist?
Well, whether you’re building your first house or your dream house, a construction loan is your key to homeownership. Construction loans are designed to finance the construction of a home during the building phase. These loans usually last one year; once the construction is complete, you’ll need to pay off the balance of the loan, or convert the loan into a traditional mortgage.
For more information about construction loans, including complete eligibility requirements, contact us today.