Looking to obtain a construction loan? We found these programs for youConstruction home loan programs allow borrowers to have their dream home constructed. Learn about the different Construction home loan programs available to familiarize yourself with your options.
FHA One-Time Close Building Program
For those wanting to have their home constructed and built from the ground up, you will find that you need a loan to proceed. Home buyers who need both a construction loan and a permanent loan will find themselves in luck with this 2 in 1 program.
In order to qualify, borrowers need a minimum credit score of 620, provide a full credit report, and resolve disputed accounts per FHA 4000.1 Handbook. Additionally, the prospect home must be owner-occupied and a single family residence.
Conventional One-Time Close Construction Program
With this conventional construction program, the contractor will ensure that all work is done for you. Keep in mind that construction approval is required prior to closing. The conventional construction program is also eligible for single family residences, 2nd Homes, and off-frame Modular Homes.
To qualify, borrowers must have a valid social security number along with a fully merged credit report and score. Individual Taxpayer Identification Numbers are not permitted.