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Construction Loan, that's right for you...

You have found the perfect location for your new home, found the right builder and found your dream home...

Now, you need the funding. That's where Gulfside comes in. Contact us today and learn about our Construction loan options we have for you.

ConstructionPerm

Construction Loans:

  • What is a construction loan? A construction loan is a loan made to a builder or individual to facilitate construction of a dwelling. We make construction-permanent loans on a fixed or adjustable rate basis. To determine the plan best for you, we recommend that you talk to one of our loan officers.

  • How does a construction loan differ from a mortgage loan? Both loans are actually mortgage loans. The term “mortgage” applies to a loan on real estate. The primary difference in terms of lending is that the term “mortgage loan” most often is used in connection with an existing dwelling. A “construction” loan is made with the expectation that a dwelling will be built on a lot.

  • How long is the construction loan period? The construction loan period ranges from 6-12 months. In the majority of cases, this is sufficient time to build a house. If a longer term is needed due to extenuating circumstances, this should be discussed with your loan officer at the time of application. 

How To:

How does a construction loan work? Our residential construction loans are made as “construction-permanent” loans. Maximum loan to value ratio is 90% of appraised value as determined by an independent fee appraiser. The appraised value represents a combined value of the building lot plus dwelling.
     “Construction-permanent” means only one closing, whereby the rate and term are set at time of application and carry through to completion of the dwelling and then on to the permanent amortizing mortgage.

Mortgage Tips:

  • Check Your Credit: Make sure your credit is in order. Get credit reports from all three agencies, and make sure all the information in them is correct. Fix any errors, earlier is better.

  • Plan Ahead: Before you apply, plan the best way to use spend your money. Paying off other consumer loans or making a home improvement are both good ways. Keep in mind, this loan is tax deductible, another bonus.

  • Lock In Today: Rates change daily. It is important to lock in a low rate for a home equity loan. Even a half percent can save you hundreds. Don't hesitate. Lock in a low rate today.

Application Items Needed

  • Plans & Specifications
  • Builders Costs & Contract
  • Deed, Purchase Agreement
  • Income, Assets & Liabilitiy

What do I need to bring with me at time of application? The construction loan application, in most respects, mirrors the application for a loan on an existing dwelling, with one important exception. Since no house exists at the time of application, a set of detailed blueprints (plans) must be provided by the builder. The loan is based on the appraised value of the building lot, plus the home to be constructed.

 

Construction Mortgage

  • 10% Down Payment
  • Building Lot & House
  • One Closing
  • Permanent Amortizing       

How does a construction loan work? Our residential construction loans are made as “construction-permanent” loans. Maximum loan to value ratio is 90% of appraised value as determined by an independent fee appraiser. The appraised value represents a combined value of the building lot plus dwelling. “Construction-permanent” means only one closing, whereby the rate and term are set at time of application and carry through to completion of the dwelling and then on to the permanent amortizing mortgage.

 



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