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Build with a short-term interim loan for financing the cost of construction. The lender advances funds to the builder at periodic intervals as the work progresses. Once the construction has been completed the loan typically is converted or refinanced to traditional longer-term loans. both. Typical lending packages aren't designed to handle the large loans required to finance these purchases, which means you'll need to get a jumbo loan.
This gives the you the ability to acquire vacant land if you don't already own it, and build a new dwelling. If you already own the land, it can be used as the down payment.
Requirements / Qualifications
Generally, if you can get a traditional conventional loan, you should be able to get a construction loan. That being said, a conventional loan will likely require more down payment, making a construction loan advantageous.
The requirements are the same in Ohio and Florida.
FAQs
Yes. Construction/Perm or CP or Construction to Permanent is a loan that offers typically interest only for the construction period then converts to a permanent loan once the construction is completed.
Yes. This is a one-time close construction option, it allows the borrower to acquire land, and build with low to no down payment. There is a construction period that is interest-only then converted (recast) to a fully amortized loan.
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