What is an interim construction loan?

Unlike a traditional mortgage, an interim construction loan is a short-term loan that lasts only as long as it takes to complete the construction. During this time, the lender will closely monitor the construction process and give you money in chunks to complete the project.

What is the minimum down payment on a new construction loan?

Traditionally financed construction loans will require a 20% down payment, but there are government agency programs that lenders can use for lower down payments. Lenders who offer VA and USDA loans are able to qualify borrowers for 0% down. For FHA loans, your down payment could be as low as 3.5%.

What is a pre construction loan?

A construction loan (also known as a “self-build loan”) is a short-term loan used to finance the building of a home or another real estate project. The builder or home buyer takes out a construction loan to cover the costs of the project before obtaining long-term funding.

How much deposit do I need for a construction loan?

For construction loans, you’ll need to have at least a 10% deposit1 of the property’s projected value (Lender’s Mortgage Insurance will apply).

What kind of work does Charlier construction do?

Charlier Construction Ltd carries out maintenance, refurbishment, alteration and new build projects throughout Kent. We directly employ all trades and operate a Building Department and a Painting Department. We carry out projects up to a million pounds in value in the Commercial, Education, Healthcare, Historic and Housing sectors.

Where are Charley Farley home loans in NH?

Over the past 25 years my team of loan officers and I have helped thousands of New Hampshire homebuyers in Manchester, Concord, Nashua, Salem, Keene, Lebanon, Bedford, Hollis, the North Country and the Seacoast! Join us for a FREE First Time Homebuyer Education Class on select Thursday evenings and Saturday mornings.

What kind of loan is Caliber Home Loan?

Government Specific Loans Offered by Caliber Home Loans. An FHA Loan Is Partially Insured by the Federal Housing Administration (FHA). FHA 203(k) Rehab loans enable you to buy a home that’s in need of repair or renovations by providing additional funding before move-in.