A construction loan is a short-term financing option designed to fund the building or major renovation of a home. Unlike a traditional mortgage, which provides a lump sum at closing, construction loans disburse funds in stages as the project progresses. These loans typically cover costs such as materials, labor, and permits, ensuring that you have the necessary funds to complete your home. Once construction is finished, the loan can either be converted into a permanent mortgage or paid off in full.
Some benefits of construction loans are:
Conventional and FHA Products
Our construction loans include both Conventional and FHA options, making it easier for borrowers with different credit scores and loan-to-value (LTV) requirements to qualify. This flexibility ensures more homebuyers can access financing that fits their needs.
Fixed Rates During Construction and Mortgage
Lock in a stable interest rate throughout the construction phase and into your permanent mortgage. This protects you from market fluctuations and provides predictable payments.
One-Time Close
Save time and money with a single closing that covers both the construction loan and permanent mortgage. This eliminates the need to refinance at the end of construction, reducing costs and simplifying the process.
9- to 12-Month Construction Phase
Enjoy a flexible construction timeline, with up to 12 months for approved projects. This allows builders and homeowners ample time to complete their new home without financial pressure.
Use Your Own Land to Build
If you already own land, you can use it as part of your financing plan. Whether purchasing land or refinancing with a rate-term option, our loans provide the flexibility to build on your terms.
WHERE TO FIND US
CONTACT
Ashley McKenzie-Sharpe - NMLS #100776
Highlands Residential Mortgage, Ltd. | NMLS # 134871
This is not a commitment to lend. Not all borrowers will meet the requirements to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. Highlands Residential Mortgage, Ltd is located at 950 W. Bethany Drive Suite 800, Allen, Texas 75013. An Equal Housing Lender. Highlands Residential Mortgage, Ltd. NMLS ID #134871, (www.nmlsconsumeraccess.org) is a Texas limited liability company registered under The Texas Department of Savings and Mortgage Lending Division of Licensing and operates with the following licenses (Not licensed in the state of New York)
*By refinancing your total finance charges may be higher over the life of the loan.
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