: Rates are usually variable and typically 1% to 2% higher than standard mortgage rates. Common Loan Types
: Once closed, construction begins and the lender starts the draw-and-inspection cycle. construction financing
: During construction, you generally only pay interest on the funds that have already been drawn, rather than the full loan amount. : Rates are usually variable and typically 1%
: Only available if the borrower is also a licensed professional builder who will act as the general contractor. Eligibility & Requirements construction financing
: An appraiser evaluates the project based on the plans to estimate the future value of the completed home.