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A VanDyk Mortgage construction loan program can help you build the home of your dreams. Learn more about construction loan terms and requirements before you apply by reviewing the construction loan information below.
Why a Construction Loan?
Borrowers will need a construction loan if they intend to purchase a home in a new development, or if they are building a custom home. Construction loans are designed specifically to accommodate the longer time frame and special requirements of a construction project and building process.
One Time Close Construction Loans
A One Time Close construction loan is a popular program that finances the construction of a primary, or secondary, residence and the permanent loan when construction is finished, meaning that borrowers don’t have to worry about re-qualifying, re-appraisals or incurring additional closing costs. Borrowers are required to sign only one set of documents to lock in a rate for the permanent loan. This type of home loan will allow for 12 months of construction time and, during the construction period, interest is charged only on the funds that have been disbursed.
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