Construction Loan's at a glance

The most common financing vehicle for new home construction is a construction loan. The application process is the same as for a mortgage. It requires a down payment, that typically equals 20 percent. Borrowers must provide proof-of-earnings statements, verification of employment, debts not noted on credit reports, and other information. Lenders offer a variety of construction loan options that can vary by region and even by borrower, based on duration of employment and credit score. Options also vary depending on whether the loan can be approved locally, which may provide some leniency, or whether it is dependent on computer underwriting, which works by a set of standards. See below for some of the professional lenders in the area