2 Types of Construction Loans | Tampa Construction

 


Construction to Permanent: Construction-to-permanent loans provide the funds to build the dwelling and for your permanent mortgage as well. Essentially, you borrow money to pay for the cost of building your home, and once the house is complete, the loan is then converted to a permanent mortgage.

Construction Only: A construction-only loan provides the funds necessary to complete the building of the property. The borrower is responsible for either paying the loan in full at maturity (typically one year or less) or obtaining a mortgage to secure permanent financing.

Factors to Consider
Before you choose your construction loan, important factors to consider:

Timeline of the build and factors that can affect it (weather, etc.)
Decide if you want to go through the loan process twice and consider the closing costs fees this may add
To qualify for a residential construction project, you’ll need excellent credit, stable income, a good debt-to-income ratio, and funds to support a down payment of at least 20%.

At Rossi Construction, we’re here to help make your dreams a reality! No matter how you choose to finance your construction project, we’re here to guide you. Our Design Build team will seamlessly take you from the concept phase to the final/completed building and everything in between. Our high standards and commitment to excellence ensure a successful outcome for our clients.

Get detail info: 2 Types of Construction Loans | Tampa Construction

Also Visit: Home Renovation Tampa

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