If you want to build a brand-new house from the ground up but don’t have the funds to do so out of pocket, a construction loan will likely be your best option.
A home construction loan is a short-term loan where funds are typically available until construction is completed. Once the funds from the construction loan have been used and the house has been built, these loans are typically converted or refinanced into a standard, long-term mortgage loan.
Maximum Loan Amount:
$3,000,000.00
Minimum Loan Amount:
$50,000.00
Maximum Loan to Value (LTV):
80.0%
Can exceed if you have a pre-approval for a secondary market loan.
Minimum FICO Score:
645
Maximum Debt to Income (DTI):
43.0%