Construction Loans: Requirements, Rates & How to Apply
Short-term financing for new home construction with draws disbursed as building progresses. Converts to permanent financing upon completion.
680
Min Credit Score
20%
Min Down Payment
45%
Max DTI
specialty
Category
Key Takeaways
- ✓ Minimum credit score requirement: 680.
- ✓ Minimum down payment: 20% of the purchase price.
- ✓ Maximum debt-to-income (DTI) ratio: 45%.
- ✓ Short-term financing for new home construction with draws disbursed as building progresses. Converts to permanent financing upon completion.
Related Resources
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