Your first step in securing a construction loan should be to talk to your Valley home loan consultant. The amount you may borrow will be an important part of your discussions with your builder in deciding what to include in your new home. A home loan consultant can also answer your questions about how construction loans are structured.
- To get qualified, you will need to provide your basic debt, income and asset information
- To apply for a construction loan, you will need to have a signed construction or purchase contract with your builder or developer. The contract will detail certain aspects that will impact your loan, such as:
- Contract amount, which includes construction and cost of land, if applicable
- Construction start and completion dates