HappySeniorHomeOwners Blog

Types Of Construction Loans

The two Principal Types of Loans are:

1. 1 Step Closing Construction Loan: Finances the Purchase of the Land, Hard Construction Costs and the 20 or 30 years Permanent Loan in only ONE Closing with ONE conventional Rate.  Only 5% DownPayment. Min Score: 700
   FLORIDA MAXIMUM LOAN AMOUNT: Conventional 2024:  
    1 Unit: $766,550 * 2 Units $981,500 *
    3 Units $1,186,350 * 4 Units: $1,474,400      
    Monroe County Conventional 2024:
    1 unit: $1,149,825 * 2 Units: $1,1472,250 *
    3 Units: $1,779,525 * 4 Units: $2,211,800

 This is for the Borrower that Closes in his/her’s own Name with the intention to keep the property as a) Principal Residence  b) 2nd Home or  c) Investments.

ViewOnline http://www.HomeFinancingFL.com/Construction1Step

1. Private Construction Loan:  Will Finance, Land and Hard Construction Costs, Generally up to 80-82% Loan to Value.(depending on experience). For Investment only. For the Borrower that wants to close in an LLC o Corp. and sell or refinance it at the end of construction.  1-4 Families. 5+ on a case by case basis. MAXIMUM LOAN: $3,000,000.(up to $5,000,000 on a case by case Basis). 12 or 18 months, Interest Only. 

View OnLine http://www.HomeFinancingFL.com/PrivNewConstruction 

Call me  today at 786-262-6486  or email me RodKohly@HomeFinancingFL.com or use the Form provided Below to request information. No Cost or obligation