New Home Construction Mortgage

Understand the loan. A construction loan isn’t a typical home mortgage. As you review your documents, you might not understand some items listed. Talk to the loan officer if you have questions. One thing you might not understand is the "interest reserve." Generally, you will not make payments on the loan while your home is being built.

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A construction loan from Union Home Mortgage is the perfect mortgage product when you’re ready to build your dream home. Visit our website to learn about your options on your next new home build.

Mortgages are easy to find, but there’s usually a catch: you can only borrow money to buy a place that already exists. Construction loans are different – they can be used to fund a new home, garage, or business structure. They can even help you renovate and buy land (if you don’t already have it).

investors should be prepared to take advantage of another upswing in home sales activity once the 30-year mortgage average reverses its recent decline. This in turn should stimulate new homebuying.

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At the end of the construction process, when the house is done, you will need to get a new loan to pay off the construction loan – this is sometimes called the "end loan." Essentially, this means you must refinance at the end of the term and enter into a brand new loan of your choosing (such as a fixed-rate 30-year mortgage) that is a more conventional financing option for your newly completed house.

Requirements for New Construction Home Loans Top Question Three: Is my FICO good enough? The better your FICO is the lower your interest rate, and the better your chances of getting a loan. Banks consider many factors in issuing loans, so a lower FICO might be outweighed by high income, or a large down payment.

Rest assured knowing that our New Construction department works closely with your Ruoff Home Mortgage loan officer and your builder to mitigate additional costs that were not anticipated, ensuring that your project budget remains on track as your dream home becomes reality.