#home construction loans
3 Construction loans available through Lending Universe include:
- CONSTRUCTION LOANS are not easy to procure as traditional mortgages. The terms, rates and fees may differ widely. A Construction Loan is generally a short-term and interest only loan. Such a HOME CONSTRUCTION LOAN is usually replaced by a regular mortgage on completion of construction.
- NEW HOME CONSTRUCTION LOANS
The greatest advantage with this type of Construction Loan is that application and processing fees are reduced.
In this case, the lender automatically modifies the Construction Loan into a mortgage after construction is complete. The borrower deals with just one lender, fills out one loan application, and pays only one set of closing costs. But the borrower also agrees to the mortgage rate and terms before construction is complete. There’s no chance to shop around for a new lender after the house is finished.
A loan given to a business for the purpose of constructing a building or improving existing real estate already owned by the company. Commercial Construction Loans are very large and long term loans that are difficult to obtain. In just minutes, we can provide you with a matched list of funding sources.
A Construction Loan finances the land, land improvements (such as clearing, grading, utilities, driveway, etc.), actual construction costs, finishes in the home (such as carpeting, appliances, etc.), architects and engineer’s fees, permit fees, interest payments on the Construction Loan while the home is under construction (so you don’t have to make payments on your present home plus the home under construction if you do not wish to) and closing costs on the transaction.
Construction Loans for a business are a little harder to obtain than RESIDENTIAL CONSTRUCTION LOANS. Certain banks prefer specific types of property for lending money, and the terms for Construction Loans are generally much shorter than with a mortgage.In addition, BUSINESS CONSTRUCTION LOANS take much more into consideration than just credit history – factors such as the industry of your company, how profitable it is, how long you’ve owned the company, and your experience with business or entrepreneurship will be some of the deciding factors as well. On the other hand You can find Private Investor for your Construction Loan who will have much easier terms for your loan request.
Creative lending solutions are needed for borrower’s who have low credit scores, low income, no cash flow or are in need of a quick closing! Hard Money Loan can finance single family residence – RESIDENTIAL CONSTRUCTION LOAN, unimproved & improved property of all types – HARD MONEY CONSTRUCTION LOANS including land purchases, developer lots or raw land.
Here at Lending Universe we offer Construction Loans for the owner builder. This programs programs include, conventional, kit or log home construction financing, and allow you to self build your home, it gives you the easiest, most flexible Construction Loan available that will help you save money as you build your new home. Whether you are building a home for you, for investment, or for rental or resale our Construction Loan program is designed to make your building project easier.
Since VA loans require no down payment and have a high loan to value, banks or lending institutions are not willing to approve interim home Construction Loans directly to veterans. At Lending Universe, we have created an effective way for veteran homebuyers to be able to construct their dream house.
If you have construction or remodeling in mind then consider a FHA Construction Loan. FHA loans can be used for construction financing, refinancing, modernization, remodeling, equipment, expansion, etc.
Any credit, any income.
Our lenders accept requests for many loans of other property types