Make your new home happen with a construction loan from Southern Home Loans. We offer excellent interest rates so that you can affordably construct the home that you have wanted your whole life.
We have two different types of construction loans. Choose the one that you feel is right for you.
Construction-to-permanent loans are essentially two loans in one. It is a loan for the construction of your home that then automatically gets converted into a mortgage the moment you move in. This is the best loan for those who wish to pay off the construction loan through a mortgage.
Stand-alone construction loans are just that. You receive a loan for the construction of your home, then you would need to take out a mortgage after you move in to pay it off.
While saving you on a number of different fees, this type of loan does generally require a larger down payment.
Because there is no home for the bank to hold as collateral when you get your construction loan, it can be a little bit more difficult to qualify. You will need to provide us with details about the home that is being built.
We will want to know the size of the house and the materials that are being used to build it. We will also need to verify that you’ll be able to make your monthly payments on the loan.
If for any reason we don’t feel you’ll be able to make your current mortgage or rent payments while the home is under construction, you might not be approved.
Apply with us today online and find out if you qualify and home construction loan rates.