A home construction mortgage allows for ground-up construction of a 1-4 family residence.
The financing is able to cover the acquisition of the building lot along with covering the costs of the construction of the residence.
Loan Term Options
A Construction Loan term is generally done between ten and thirty years. In most cases, borrowers choose a 30 year term with the FHA Ground Up Construction Loan.
Benefits of a Construction Mortgage
- Newly built house
- Control over design
- Control over floor plan and builder
Northeast Financial is one of the few brokers with access to the FHA One Time Close Construction Loan. This loan product allows for lower down payment (3.50% down) along with faster turn times than most construction mortgages.
To learn more about this please call us today for a free consultation.