What is a construction loan?Construction-to-permanent - This loan requires just one closing. It's similar to our 7/1 Adjustable Rate Mortgage (ARM), with interest-only payments for the first 12 months. Regular payments begin with the 13th payment
- The borrower to have a minimum down payment of 20%
- The property is appraised by reviewing the plans and specifications. If the lot is paid for, it can be considered as part or all of the required down payment
- Construction loans typically require a 1% origination fee
For more information, visit veridiancu.org/construction.
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