Construction Loans

Financing the Home Before It's Finished

If you're building a modular home—or completing a land/home project involving substantial site development—you may need construction financing.

Unlike a traditional mortgage used to purchase a completed home, a construction loan generally provides funds as the project progresses.

Funds may be released at various stages to pay for items such as:

• Land acquisition

• Site preparation

• Foundation work

• Home construction

• Delivery and installation

• Utility connections

• Other approved construction expenses

Depending on the lender and loan program, the construction financing may eventually convert into permanent mortgage financing once the home is completed.

Construction loans can have different qualification requirements, down payments, documentation, inspections and payment schedules than conventional mortgages.

That's why the lender, home provider, contractor and buyer need to understand the project and how it will be funded before construction begins.

Gary can help you understand the overall project and connect you with lenders experienced in financing this type of construction.

Talk With a Financing Professional