Build your perfect home with Mann Mortgage’s customized Construction Loans!
Construction loans make building Your Dream Home surprisingly easy and affordable.
What are construction home loans?
When you choose our Lewiston Office for your construction financing needs, you gain access to competitive rates and a team of experts who are deeply familiar with the unique challenges and opportunities of the local real estate market. We pride ourselves on providing tailored financial solutions that empower you to bring your construction aspirations to life while navigating the complexities of the lending process with ease.
Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.
The MannMade construction loan process.
A construction loan is a short-term financial product providing funds to cover building or renovating a property. These loans typically have a fixed interest rate during construction and then transition to a permanent mortgage once the project is completed.
There are two primary types of construction loans – construction-to-permanent and stand-alone. The former combines the construction and permanent financing into a single loan, while the latter requires two separate loans.
- Most construction loans require a down payment, a percentage of the project’s total cost. The amount varies but usually falls in the 20-25% range.
Construction loan interest rates are typically higher than those for traditional mortgages. They may be variable or fixed, depending on the lender.
Construction loans are disbursed in stages, known as draws, as the project progresses. Borrowers must submit documentation and inspections to receive these funds, ensuring the work is on track.
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Qualifying for a construction loan typically requires a strong credit score, a detailed project plan, a reputable builder/contractor, and a down payment. Our Lewiston Office can guide you through the specific eligibility criteria.
Yes, construction loans can be used for renovation projects, including home improvements and expansions. The loan amount is based on the project’s estimated post-renovation value.
It’s crucial to have a contingency plan for unexpected expenses. You may need to cover additional costs out of pocket or seek an increase in the loan amount, which would be subject to lender approval.
The approval process varies but generally takes longer than traditional mortgages due to the detailed project evaluation. It’s advisable to start the application well in advance of your construction start date.
You’ll typically need your project plans, budget, contractor agreements, financial documents, and proof of insurance. Our Lewiston Office can provide you with a comprehensive checklist to streamline the application process.
“I was always in the loop on my loan process. I loved the one-time close construction loan. It saved me thousands to be able to lock in the interest rate.”
Josue Gabriel Lopez
Let's get you home.
Borrow up to 97% of a home’s value with as little as 5% down. Our local loan experts will help guide you.
