Florida Construction Loans
Apply for a
Florida Construction Home Mortgage Loan or call us
Construction loans are used to construct a building or for improvements
of real property and the land. These improvements can be leveraged
and stand as collateral for the loan.
3 Ways to Get Started:
Lot and home construction
being purchased at the same or near same time..
Lot owned free and clear.
Lot owned with mortgage balance.
Home and Loan has expanded its "One Time Close Construction-Permanent
Loan" offering. These programs allow you to purchase the
lot, fund the construction and One
Time Close your single family home. If qualified,
your final interest rate will be THE LOWER OF the
initial rate lock OR upon completion
of the construction project , saving you a substantial amount
of money in closing costs. Additionally, pre-owner lots
and the Anticipated Appraised Value can be considered
Home and Loan construction department represent dozens of
the largest construction lenders in the market. As a broker, we
work for our clients and not the lender, taking the time to understand
your situation and placing your loan with the lender whose programs
most closely match your situation and needs. Florida Home and
Loan will give you an unbiased advice and support throughout the
process. Construction lending is a specialized part of mortgage
banking and most lenders or brokers do not have the experience
to guide you through this complex process. We have attempted to
give you some basic information here but please do not hesitate
to call to discuss your individual project. At the most fundamental
level, construction lenders offer two types of product characterized
by how they base interest rates during the construction phase.
I will refer to these approaches as "One Step" and "Two Step"
is focused on new construction, if you are interested in renovating
an existing home please go to our Florida
Improvement Loan page.
again, if you have owned your lot for 1 year, or if you have documented
"on site" improvements to the property, we may be able
to use this equity to meet your down payment requirement or create
an interest reserve account. Depending on the size of the interest
reserve account, these funds may make some or all of your payments
during the construction phase.
One Time Close Construction/Perm
Single Rate. "One Step"
program which protects you against increasing rates and extended
lock fees. Interest only fixed rate during construction and
modifies into a permanent loan after construction. Great flexibility
and low rates on ARMs.
One Time Close Construction/Perm
Prime Rate Based. "Two
Step" program allows you to borrow up to 95% of your
total cost for a Principal Residence and up to 90% on a Vacation
Home. Based on the Prime Rate during the construction
period with interest only collected on funds disbursed. Allows
a 12 month construction phase.
FHA 203(k). The FHA
203(k) allows you to purchase or refinance existing housing
and finance up to 110% of the costs needed to improve
the home. The 203(k) is ideal for "fixer-uppers"
or "handyman specials".
Designed for those who found the perfect lot but are not ready
to build. Low down payment loans available.
No Documentation construction loans are now available!
No Doc, No Ratio and Stated Income are wonderful for the self
employed or anyone with difficult to document income or asset