For the most part a construction loan closing is very similar to a non-construction loan closing. If you are closing the loan at the...

No. It has no impact on the loan itself. It will impact how much income documentation may be needed. Because lenders are required to...

For timing purposes, occasionally people will purchase a property with cash that they will be tearing down and rebuilding or remodeling....

Yes. The rate is locked in prior to closing and fixed during the construction period. A typical construction period is 12-18 months....

You may want to consider putting down a lesser amount for your down payment thus maximizing the loan amount you are able to obtain based...

It’s best not to. One of the items underwriters are hyper-sensitive to are “large deposits”. A large deposit is generally defined as a...

Maybe. If you already own the property you will be doing construction on, you and your builder have the option to select the title...

No. A permit is not required to close the loan. A permit will be required at the first draw after closing. With that said, you...

A detailed line by line budget is needed for both the appraiser and for the purpose of paying out on the construction loan during...

There is only one appraisal done for a construction loan and that is based on the proposed and completed project. The appraiser will use...