| |
CONSTRUCTION
LOANS |
|
|
Our construction
loan programs can be tailored to your specific needs. Below is
some information to help get you started. To get started immediately
click here for our on-line application.
|
|
| |
Borrowers will need a construction loan if they intend
to purchase a home in a new development or if they are building
a custom home. Construction loans are necessary because of the longer
time frame and special requirements of the building process.
|
|
Many mortgage lenders offer borrowers One Time Close construction
loans. This type of construction loan will finance the construction
of a primary or secondary residence and the permanent loan when
construction is finished. A One Time Close construction loan requires
borrowers to sign only one set of documents and allows borrowers
to lock in a rate for the permanent loan at this time. This type
of home loan will allow for 12 months of construction time and during
the construction period, interest is charged only on the funds that
have been disbursed.
|
|
There a few documents and qualifications that borrowers will need
to have when they begin the application process for a construction
loan. Some of the qualifications mortgage lenders will require are
a minimum credit score of 620 and sufficient liquid assets. The
documents construction lenders will ask for include a building departmnt
permit and many require that construction be completed within 12
months.
|
|
A Somerset construction loan can help you build the home of your
dreams in Somerset. Our Somerset construction loan experts can help
you choose the Somerset construction loan that is right for you.
Contact Empire Mortgage Services Inc to discuss your Somerset construction
loan.
|
|
|
|
| |
