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A Midwest Capital Mortgage construction loan program can help you build the home of your dreams. Midwest Capital Mortgage’s mortgage experts work with you to determine your best construction loan options. Learn more about construction loan terms and requirements before you apply by reviewing the construction loan information below.
Why a Construction Loan?
Borrowers will need a construction loan if they intend to purchase a home in a new development, or if they are building a custom home. Construction loans are designed specifically to accommodate the longer time frame and special requirements of a construction project and building process.
One Time Close Construction Loans
A One Time Close construction loan is a popular program that finances the construction of a primary, or secondary, residence and the permanent loan when construction is finished, meaning that borrowers don’t have to worry about re-qualifying, re-appraisals or incurring additional closing costs. Borrowers are required to sign only one set of documents to lock in a rate for the permanent loan. This type of home loan will allow for 12 months of construction time and, during the construction period, interest is charged only on the funds that have been disbursed.
Qualifications and Requirements
Construction lenders will ask for a building department permit, a minimum credit score of 620 and sufficient liquid assets. Often times, lenders will also require that the construction be completed within 12 months.
Contact Midwest Capital Mortgage to discuss your best construction loan options by calling 816-795-8500. |
