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Types of New Build Loans

There are several types of new build loans available, each catering to different aspects of the construction process:

• Construction-to-Permanent Loans: This option combines a short-term construction loan with a long-term mortgage, eliminating the need for separate closings. Once construction is complete, the loan automatically converts into a permanent mortgage.
• Stand-Alone Construction Loans: These are short-term loans that cover the building period. Once the construction is complete, the borrower must secure a separate mortgage to pay off the construction loan.
• Owner-Builder Loans: Designed for individuals who wish to act as their own general contractor, these loans often require a more detailed project plan and budget.