Build your perfect home with Mann Mortgage’s customized Construction Loans!
Construction loans make building Your Dream Home surprisingly easy and affordable.
What are construction home loans?
Construction loans are specialized financial products tailored to facilitate the construction or renovation of residential or commercial properties. Whether you’re in the initial planning stages or ready to break ground, our Hood River Office stands poised to assist you in comprehending the intricate dynamics of construction loans, making informed choices, and ultimately transforming your construction dreams into tangible achievements. In the ever-evolving landscape of construction financing, our Hood River Office serves as your steadfast partner, committed to helping you secure the resources necessary to bring your construction vision to life with confidence and expertise.
Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.
The MannMade construction loan process.
Construction loans are specialized financial products designed to provide funding for building or renovating residential or commercial properties. Here’s a brief overview:
- Construction loans are intended to cover the costs associated with construction, including materials, labor, permits, and more.
- There are two main types of construction loans: construction-to-permanent loans, which convert into traditional mortgages after construction, and standalone construction loans, which require separate permanent financing.
- Interest rates for construction loans can be higher than standard mortgage rates, and they may be variable or fixed.
- Lenders typically require a substantial down payment, often around 20-25% of the total project cost.
- Construction loans involve a draw process, where funds are disbursed in stages as the project progresses, with inspections at each stage to ensure the work meets quality standards.
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Eligibility criteria can vary among lenders, but typically, you’ll need a good credit score, a detailed construction plan, a qualified builder, and a down payment. Our Hood River Office can provide specific requirements for your situation.
During the construction phase, you usually pay only interest on the outstanding balance. After construction, the loan converts to a permanent mortgage, and you begin making principal and interest payments.
Loan terms for construction loans typically range from 12 to 24 months. After construction, the loan term converts to the selected permanent mortgage term, often 15, 20, or 30 years.
Yes, construction loans can be used for major renovation projects. The process is similar to new construction, with funds released in stages based on project milestones.
To find the right lender, consider factors like interest rates, fees, experience with construction loans, and their willingness to work with your specific project. Our Hood River Office specializes in construction loans and can guide you through the selection process.
“I was always in the loop on my loan process. I loved the one-time close construction loan. It saved me thousands to be able to lock in the interest rate.”
Josue Gabriel Lopez
Let's get you home.
Borrow up to 97% of a home’s value with as little as 5% down. Our local loan experts will help guide you.
