Many people prefer to custom-design their own home, for a variety of reasons. home. A construction loan is a loan that finances the building of that new home. Construction loans are different from your standardized mortgages usually backed by FHA, Fannie Mae and Freddie Mac. They are different because the lender has to know the "story" behind the planned construction before it will be willing to lend money to the borrower. They also don't pay out all at once. Borrowers usually get draws which coincide with certain stages of construction such as: Pouring the foundation, Framing, Installing, heating and cooling systems, wiring, and plumbing systems, Installing cabinets, flooring and fixtures, Finishing work (painting, carpeting, etc.

We offer construction loans in Texas that are usually short-term and are converted or replaced by a standard mortgage once construction is finished. Then we finance to a lower rate once the home is occupied (construction to permanent). Call us at 800 315 8803 to discuss your loan scenario.