This post gets into the nitty-gritty information on just exactly how construction loans work, from planning your application for the loan all of the means through project conclusion.
We shall protect 4 actions:
- Qualifying for the Construction Loan
- Getting ready to use
- Draw Schedule & Approvals
- Transforming to a mortgage that is permanent
Action 1: Qualifying for a Construction Loan
We’ll review qualification in 2 parts: The Basics & Loan-To-Value.