The construction loan process typically involves submitting an application with details about your construction project, budget, and financial information. The lender evaluates your application on factors like creditworthiness and project feasibility. Once all requirements are met, the lender approves the construction loan.

A home construction loan is a short-term loan that finances the construction of a new home. During construction, you typically make interest-only payments. Once the home is built, the loan can be converted into a traditional mortgage or paid off.

The required credit score for construction loans varies among lenders. Generally, a higher credit score increases your chances of approval and may lead to better terms. A credit score of 650 or higher is often considered a minimum, but it's advisable to check with the specific lender for their requirements.

The best loan for construction depends on your needs. Common options include construction-to-permanent loans, which transition into a mortgage, and standalone construction loans. Consult with our advisors to determine the most suitable construction finance loan option for your situation.

The needed construction loan documents may include detailed project plans and specifications, cost estimates from a licensed contractor, personal financial statements, proof of income and employment, credit history and scores, land ownership documents, and legal permits and approvals.