Construction Loans
Building your own home? A construction loan pays for the build in stages, then becomes (or is replaced by) a regular mortgage when the house is finished.
Common options
- Construction-to-permanent (one-time close). One application and one closing cover the build and the long-term mortgage. See One-Close Construction.
- Two-time close. A short-term construction loan during the build, then a separate mortgage at the end.
What lenders look for
- A signed contract with a licensed builder, plans and a budget
- An appraisal based on the finished home
- Your credit, income and down payment, as with any mortgage
We'll help you compare construction programs and plan the timing with your builder.