Do you have grand plans to build your dream home from scratch? Or maybe you’re looking to renovate an existing property to create your perfect space. Whatever your construction goals may be, USA Mortgage can help make them a reality with our construction loans. We offer competitive rates and flexible terms to help you get the financing you need to bring your vision to life. Plus, we have a team of experienced professionals who are ready to guide you through every step of the process, from pre-approval to closing. So if you’re ready to take your construction project to the next level, contact USA Mortgage today. We’ll be happy to help you make your dreams a reality.
Springfield, MO Construction Loans
What is a Construction Loan?
A construction loan is a type of loan that is used to finance the construction of a new home or building. Construction loans are usually short-term loans, and they typically have higher interest rates than traditional home loans. Construction loans are typically paid out in installments, with each installment being used to finance a specific phase of the construction project. Once the project is completed, the construction loan can be refinanced into a traditional mortgage.
When you take out a construction loan, there are some extra considerations that need to be made. The down payment requirement is usually higher than what’s required for other mortgages – typically 20%-30% depending on how much money someone has available at time they apply. Secondly, your debt-to-income ratio should not exceed 45% of your income. It is also best to have a credit score of 680 or above. The lender may ask if you’re planning to pay the balance in cash or refinance when the project is complete.
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Whether you’re building a new home or renovating an existing one, USA Mortgage can help you get the financing you need to make your dream home in Springfield become a reality. Our competitive rates and terms will help you keep your construction costs under control. Apply for a construction loan today to get started!