Construction Loans
One-Time Close Construction (AKA Construction-To-Permanent) loans finance the costs associated with the purchase of land/construction of your home and then convert into a standard fixed rate mortgage upon completion. Two-Close Constructions loans require two separate Closings.
Embarking on a construction project is an exciting endeavor, but it comes with its own set of challenges and complexities, especially when it comes to financing. Construction loans, also known as construction mortgages, provide the financial foundation for building or renovating a property from the ground up. At Murray Mortgage Solutions, we specialize in offering expert guidance and tailored solutions for clients seeking construction loans.
Qualifying for a construction loan requires navigating a more intricate approval process compared to traditional mortgages. Lenders assess not only the borrower's financial profile but also the feasibility and viability of the construction project. This involves evaluating factors such as the project's scope, timeline, and budget, as well as the borrower's ability to manage the construction process effectively.
Construction loans typically require a solid credit history and stable income to demonstrate the borrower's financial stability and repayment ability. Additionally, borrowers may need to provide detailed plans and specifications for the construction project, including architectural drawings, cost estimates, and construction timelines. Lenders may also require a sizable down payment or equity in the property to mitigate the risk associated with construction financing.
Highlights
5-15% Down Payment Minimum
Contractor and Project Approval Required
One-Time Close Options Available with Rate Renegotiation
Maximum Debt-To-Income Ratio of 45-50%
700 Min Credit Score
**Underwriting guidelines are subject to change. Please contact us directly for more information regarding qualification standards.