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loan programs can be tailored to your
specific needs. Below is some information
to help get you started. To get started
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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 necessary because of the longer
time frame and special requirements
of the building process.
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Many mortgage lenders offer
borrowers One Time Close construction
loans. This type of construction loan
will finance the construction of a primary
or secondary residence and the permanent
loan when construction is finished.
A One Time Close construction loan requires
borrowers to sign only one set of documents
and allows borrowers to lock in a rate
for the permanent loan at this time.
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.
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There a few documents and qualifications
that borrowers will need to have when
they begin the application process for
a construction loan. Some of the qualifications
mortgage lenders will require are a
minimum credit score of 620 and sufficient
liquid assets. The documents construction
lenders will ask for include a building
department permit and many require that
construction be completed within 12
months.
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