New Home Construction Loans

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New Home Construction Loans
When you are ready to build your first home or that dream home that you have been wanting for so long you will probably wind up needing help with the financial part of the building process. The funding for your new home is available through new home construction loans. Both owners and builders can use construction loans, although some lenders are a bit hesitant about lending to first time homebuilders.

Construction loans are a homebuilders dream funding. This loan may or may not include the cost of the land used to build your home on. These loans set up a line of credit that will pay suppliers and sub contractors as the building process goes along. This will make both workers happy because they do not have to wait until the completion of the home to be paid for their services. A new home construction loan will be set up in monthly stages or into stages where specific portions of the building process are finished. During these stages, a construction draw will be organized that will state the amount of funds that were used during that specific time period. The construction draw is then given to the lender so that payment to the building workers can be executed. A residential mortgage is required before you apply for a construction loan and must be presented to the lender you choose before the building process begins.

A stated income construction loan is a loan in which the funding will be provided to help you build the home of your dreams. This type of loan does not require any verification of your income. With a stated income construction loan you are either having trouble verifying your income or you choose to not submit that information to the lender. Either scenario is acceptable with this type of construction loan. An individual who is self employed is a great example of a borrower of a stated income construction loan. These loans work just like other construction loans and your assets and employment will both be verified. The interest rate of these loans may be higher than that of other new home construction loans because of the risk involved with borrowers whose income is not verified. The down payment for such a loan may also be higher than that of a traditional construction loan. The advantage of a stated income loan, besides the no verification of income, is that these loans are approved at a faster rate than other new home construction loans.

Natalie Aranda is a freelance writer. She writes about business, family and personal finance. The funding for your new home is available through new home construction loans.

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How to Get A New Home Construction Loans

Deciding to build your first new home or that home of your dreams requires funding for the building process. Luckily, for you there are new home construction and stated income construction loans out there that are ready to help you get started to helping with the building costs of your brand new home. Both of these types of construction loans offer funding to you, but are different in how you go about obtaining them.

To first obtain a new home construction loan, the lender that you choose must know anything and everything about the home construction that you have planned. Construction loans are available to you through national lenders like Wells Fargo or Bank of America or they can be obtained through regional banks or mortgage companies. The interest rate for a construction loan is generally paid on for 12 months and then they typically are replaced by a mortgage after the completion of your home.

There are two types of construction loans. One is the all in one loan, which is automatically changed to a mortgage upon completion of the home. The other type is the construction only loan, which is due when the building is done, and then the loan must be paid off or replaced by a mortgage. Lenders will pay funds for the building of your home in several "draws". This means that at different times during the building process a plan is drawn up that will state how much funding was used during that particular stage. Then it is sent to the lender and the funding is paid. Examples of the stages would be after pouring the foundation or framing the house.

A stated income construction loan is a loan that does not require verification of your income. An example of a person who would be a great candidate for this type of loan is an individual who is self-employed. A person who cannot verify his or her income or someone who chooses not to share this information will benefit when applying for a stated income construction loan. The advantage of this type of loan is that the approval time is generally faster than that of other construction loans. The downside to a stated income construction loan is that the down payment and the interest rates associated with the loan can be a lot higher than that of other loans. This loan can be applied for online or through the office of the lender that you choose to obtain a loan from.

Natalie Aranda is a freelance writer. She writes about family, business and personal fiance. To first obtain new home construction loans, the lender that you choose must know anything and everything about the home construction that you have planned.


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