What is a construction loan?

Construction loans give you the ability to build the home of your dreams, whether it is your primary or secondary residence. You must select the right lender and the correct type of construction loan to have the best experience possible.

What is an owner-builder construction loan?

Owner-builder construction loans are home construction loans made for people who want to build their own home; for people who plan on doing the construction work that most people hire a general contractor to do and overseeing the project to completion.

How do I apply for a construction loan?

Wells Fargo allows customers to apply for construction loans online and has an extensive network of loan officers over the phone.

When does a construction loan convert to a permanent loan?

The best aspect about this lender’s construction loan is that it converts to a permanent loan after the home is complete, or after 12 months, so you only have to pay one set of closing costs. Construction loans from First National Bank can be used for primary or secondary residences.

Construction loans are short-term, interim loans used for new home construction. The contractor receives disbursements as work progresses. Contact a dedicated, experienced U.S. Bank loan officer to learn more about construction loans and to discuss current construction loan rates.

Which banks offer the best flexible-use construction loans?

Homebridge: Best for flexible-use construction loans; TD Bank: Best for flexible-use construction loans; PrimeLending: Best for customer convenience; US Bank: Best for face-to-face service

Why can’t I get a construction loan during the pandemic?

Due to the coronavirus pandemic, getting a construction loan may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees or temporarily suspended certain construction loan products.