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Construction Loans
Financing for building a new home or, with certain programs, major renovations.
Why choose this option?
A borrower wants to build on an existing lot, finance an eligible land-and-build project or customize a home.
What can it be used for?
Pay approved costs such as site preparation, contractor labor, materials and permits.
How it works
Funds are generally released in draws as work progresses. Construction-to-permanent loans transition to a mortgage after completion requirements; construction-only loans need a separate payoff or refinance. Builder, budget and plan approval apply.
