Construction Loans Guide: What They A…
https://www.bankrate.com/mortgages/construction-loans-explained/
To get a construction loan, you’ll need a good credit score, low debt-to-income ratio and a way to prove sufficient income to repay the loan. You also need to make a down payment when you apply for the loan. The amount will depend on the lender you choose and the amount you’re trying to borrow to pay for construction. Good to excellent credit. Lenders require borrowers to have a minimum credit score of 680 to qualify for a construction loan. However, some lenders may require a score of at least 720. Enough income to pay off the loan. A low debt-to-income ratio. A down payment of at least 20%. Project and construction budget approval. Builder or general contractor approval.
Good to excellent credit. Lenders require borrowers to have a minimum credit score of 680 to qualify for a construction loan. However, some lenders may require a score of at least 720.
Enough income to pay off the loan.
A low debt-to-income ratio.
A down payment of at least 20%.
Project and construction budget approval.
Builder or general contractor approval.
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