: Funds are released to your builder as they complete milestones, such as laying the foundation or finishing the framing. Lenders often require an inspection before releasing the next draw.
: This includes your building plans, materials list, and project timeline. construction financing
Because there is no finished house to serve as collateral, qualification is stricter than for standard mortgages. : Funds are released to your builder as
: Specifically for buyers purchasing a "fixer-upper" to finance both the home purchase and significant upgrades. construction financing
: Rates are usually variable and typically 1% to 2% higher than standard mortgage rates. Common Loan Types
: Determine your budget before paying for architectural plans.