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With a Triangle Credit Union Construction-to-Permanent Loan or land loan you can build your dream home on a secure financial foundation.
Most of these home construction loans have a limited construction term, often no more than a year. During construction, the lender will disburse money to the builder as work progresses, and you typically make interest-only payments calculated on the amount of the loan that has been disbursed.
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You can use the land on which you plan to build your dream house as equity for a construction loan, but make sure the property is free of title issues and other possible encumbrances before contacting a lender for a construction loan. You’ll also need to be prepared to put down around 20 percent.
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A stand-alone construction loan can work out well if it allows you to make a smaller down payment. That can be a major advantage if you already own a home and don’t have much cash for a down.
Build Your Dream SM Construction-Permanent Loan combines construction financing and a permanent loan into one loan. Financing for vacant land purchases with construction plans within three years. Credit of up to one point paid on the land loan upon construction refinance.
Whether you're a first-time homebuyer, a seasoned homeowner, or looking to refinance your home loan mortgage, BECU can help. Schedule your home loan.
Getting Construction & Land Loans. Getting a traditional construction loan often requires a down payment, although it may be possible to recoup that in some cases. We’ll talk more about that shortly. When it comes to looking for a construction loan, it can pay to shop around.
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With Land & Construction Loans, there is no need to settle for just any home. Instead, turn to our experts when it’s time to pay for that ideal plot of land, or to build your dream home.
Soaring property and land prices, lack of skilled labor and a shortage of labor in general are some of the factors driving.
Competitively low rates for land or construction purchase or refinance; Repayment terms: Up to 15 years for land purchase and refinance; Up to 9 months for.
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