Construction Loans - There are four basic types of Construction Loans:
Construction-to-Permanent Loan - Whereas you typically need two loans (one for construction and one for permanent financing), lenders offer a single Construction Loan that combines both construction and permanent financing into one loan. This allows for a construction period of six to twelve months. Once your project is complete, the Construction Loans simply converts to a permanent mortgage.
Remodeler Loan - For the homeowner who is looking to make a major improvement to a primary residence. This unique second mortgage calculates the value of the home by adding the value of the planned improvement to the home's current value, giving you immediate access to the Construction Loan funds at loan closing.
Bridge Loan - For homeowners planning to construct a new owner-occupied primary residence. The Bridge Loan allows the homeowner to access the equity in their current owner-occupied residence, and use it as the down payment on Construction Loans.
Lot/Land Loan - Perfect if you're looking to purchase a residential lot to build your primary residence or second home. Once you have purchased your land, you will have time to design your new home and choose a contractor.
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