Kara Davis of Crew Lending has a variety of Construction Loans designed for site built housing. These programs offer the borrower multiple financing options for construction, lot purchase and permanent mortgage funding. Construction Loans have a national lending platform; all Construction Loan programs are available throughout the United States in designated areas. Kara Davis is happy to offer a variety of Construction Loan programs in Lake Charles, Sulphur, Westlake and throughout the state of Louisiana. For more information, click here or call 337-842-0115.
Construction Loan Uses
A Construction Loan can be used for building a home- your dream home. Build on your own lot using the land equity as your down payment. Or purchase transaction financing the land bought from a builder or third party land owner. In this case, one loan purchases the land and builds the home. In addition, a borrower may use gifted land as their down payment on this Construction Loan.
Construction Loan Benefits
This Construction-to-Permanent loan offers a one time close! The Construction Loan purchases the land AND builds the house all in one closing. Closing is up front and the borrower pays only interest accrual during the construction phase. There is a 9-month build time from the closing date. Build your dream home with one set of closing costs!
Please click here or call Kara Davis at 337-842-0115 for more information on the Construction-to-Permanent ONE time close Construction Loan.
Construction Loan Requirements
For the FHA one time close Construction Loan, the borrower needs a credit score of at least 620. The maximum loan to value is 96.5% on total acquisition costs. The FHA Construction Loan limits differ from Parish to Parish.
For the Conventional one time close Construction Loan, the borrower needs a credit score of at least 680. The maximum loan to value is 95% for a primary residence and 70% on second homes (700 credit score required) on total acquisition cost. Fannie Mae and Freddie Mac loan limits apply.
Kara Davis is a Qualified Construction Lender
Kara Davis is a Qualified Construction Loan Lender and can originate the Construction Loan in all retail full states. Kara Davis from Crew Lending is happy to help her clients with a Construction Loan in Sulphur, Westlake, Lake Charles and the entirety of Louisiana. For those looking to build their dream home with a Construction-to-Permanent one time close, Kara Davis can help! Click here or call 337-842-0115 with any questions you have about Construction Loans or how to get qualified.