{"id":3532,"date":"2023-03-01T11:25:27","date_gmt":"2023-03-01T16:25:27","guid":{"rendered":"https:\/\/www.khov.com\/blog\/?p=3532"},"modified":"2025-01-15T16:19:43","modified_gmt":"2025-01-15T16:19:43","slug":"what-are-new-home-construction-loans","status":"publish","type":"post","link":"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/","title":{"rendered":"New Home Construction Loans: What They Are &#038; How They Work"},"content":{"rendered":"\n<p>Building a new home can be a fun and exciting opportunity, whether it is on land you own or in a beautiful new home community, there are quite a few <a href=\"https:\/\/www.khov.com\/blog\/7-benefits-of-buying-a-new-construction-home-vs-existing-home\/\" target=\"_blank\" rel=\"noreferrer noopener\">advantages to building<\/a> (or buying) <a href=\"https:\/\/www.khov.com\/new-construction-homes\/\">new construction home<\/a>.<\/p>\n\n\n<style>.kb-row-layout-id3532_c91f26-36 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3532_c91f26-36 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3532_c91f26-36 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, calc(55% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)))minmax(0, calc(45% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)));}.kb-row-layout-id3532_c91f26-36 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_c91f26-36 > .kt-row-column-wrap{grid-template-columns:repeat(2, minmax(0, 1fr));}}@media all and (max-width: 767px){.kb-row-layout-id3532_c91f26-36 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_c91f26-36 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3532_bbd65a-cc > .kt-inside-inner-col,.kadence-column3532_bbd65a-cc > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_bbd65a-cc > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_bbd65a-cc > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_bbd65a-cc > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_bbd65a-cc > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_bbd65a-cc{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_bbd65a-cc > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_bbd65a-cc > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_bbd65a-cc inner-column-1\"><div class=\"kt-inside-inner-col\"><div class=\"wp-block-ub-table-of-contents-block ub_table-of-contents\" id=\"ub_table-of-contents-e80cce4e-eecb-43a3-8342-0904a2eab8c3\" data-linktodivider=\"false\" data-showtext=\"show\" data-hidetext=\"hide\" data-scrolltype=\"auto\" data-enablesmoothscroll=\"false\" data-initiallyhideonmobile=\"false\" data-initiallyshow=\"true\"><div class=\"ub_table-of-contents-header-container\" style=\"\">\n\t\t\t<div class=\"ub_table-of-contents-header\" style=\"text-align: left; \">\n\t\t\t\t<div class=\"ub_table-of-contents-title\"><\/div>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t<\/div><div class=\"ub_table-of-contents-extra-container\" style=\"\">\n\t\t\t<div class=\"ub_table-of-contents-container ub_table-of-contents-1-column \">\n\t\t\t\t<ol style=\"\"><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#0-what-is-a-new-home-construction-loan-\" style=\"\">What is a New Home Construction Loan?<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#1-what-does-a-new-home-construction-loan-cover-\" style=\"\">What Does a New Home Construction Loan Cover?<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#2-differences-construction-loans-vs-traditional-mortgage-\" style=\"\">Differences: Construction Loans vs. Traditional Mortgage<\/a><ol><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#3-1-terms-amp-payments\" style=\"\">Terms &amp; Payments<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#5-2-interest-rates-amp-down-payment\" style=\"\">Interest Rates &amp; Down Payment<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#6-3-fund-access-amp-distribution\" style=\"\">Fund Access &amp; Distribution<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#8-4-inspections-appraisers-amp-authorizations\" style=\"\">Inspections, Appraisers &amp; Authorizations<\/a><\/li><\/ol><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#9-how-do-new-home-construction-loans-work-\" style=\"\">How do New Home Construction Loans Work?<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#13-what-are-the-requirements-for-a-construction-loan-\" style=\"\">What are the Requirements for a Construction Loan?<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#15-types-of-home-construction-loans-\" style=\"\">Types of Home Construction Loans<\/a><ol><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#16-construction-only-loan-\" style=\"\">Construction-Only Loan<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#19-construction-to-permanent-loan-\" style=\"\">Construction-to-Permanent Loan<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#22-renovation-loan-\" style=\"\">Renovation Loan<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#24-owner-builder-loan-\" style=\"\">Owner Builder Loan<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#26-end-loan-\" style=\"\">End Loan<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#28-land-loan-\" style=\"\">Land Loan<\/a><\/li><\/ol><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#30-government-assisted-home-construction-loans-\" style=\"\">Government-Assisted Home Construction Loans<\/a><ol><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#31-va-construction-loan-\" style=\"\">VA Construction Loan<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#33-fha-construction-loan-\" style=\"\">FHA Construction Loan<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#35-usda-construction-loan-\" style=\"\">USDA Construction Loan<\/a><\/li><\/ol><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#37-how-to-get-a-new-home-construction-loan-\" style=\"\">How to Get a New Home Construction Loan<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#42-is-a-new-home-construction-loan-right-for-you\" style=\"\">Is a New Home Construction Loan Right For You?<\/a><\/li><li style=\"\"><a href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/#43-home-construction-loan-faqs-\" style=\"\">Home Construction Loan FAQs<\/a><\/li><\/ol>\n\t\t\t<\/div>\n\t\t<\/div><\/div><\/div><\/div>\n\n\n<style>.kadence-column3532_3c3314-cf > .kt-inside-inner-col,.kadence-column3532_3c3314-cf > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_3c3314-cf > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_3c3314-cf > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_3c3314-cf > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_3c3314-cf > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_3c3314-cf{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_3c3314-cf > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_3c3314-cf > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_3c3314-cf inner-column-2\"><div class=\"kt-inside-inner-col\">\n<p><\/p>\n\n\n\n<p>That said, building a new home is quite a different experience compared to purchasing a resale home &#8211; the adventure of building your new home comes with variety of nuances, challenges, opportunities, decisions, and complexities &#8211; specific to building a home &#8211; that the average home buyer has never had to face.<\/p>\n\n\n\n<p>Understanding your available loans and financing options, how they work, and what works well for you is a critical step to realizing your new home dream.<\/p>\n\n\n\n<p>So, if you\u2019re thinking about building a new home or buying new construction, you should know that there are specific home construction loans and financing options available to help you do just that \u2013 in fact, there are a lot of loans and options for that!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"0-what-is-a-new-home-construction-loan-\"><strong>What is a New Home Construction Loan?<\/strong><\/h2>\n\n\n\n<p>A new home construction loan is a specialized short-term loan that allows you to borrow the money you need to cover the cost of building a &#8212;<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n\n<p>&#8212; new home or provide you with financing to fund a home construction project or renovation.<\/p>\n\n\n\n<p>While intended Home construction loans are intended to cover the costs of the building process, they aren&#8217;t limited to just the building materials or labor &#8211; construction loans are specifically designed to cover the entirety or actual cost of, designing, planning, building, constructing, or renovating a residential property.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"1-what-does-a-new-home-construction-loan-cover-\"><strong>What Does a New Home Construction Loan Cover?<\/strong><\/h2>\n\n\n\n<p>While home construction loans are designed around your specific needs and circumstances, typical costs you can expect a construction loan to cover include things like:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Planning, Drafting &amp; Design<\/li>\n\n\n\n<li>Land Buying or Cost of The Land<\/li>\n\n\n\n<li>Contractors &amp; Labor<\/li>\n\n\n\n<li>Contingency Reserves<\/li>\n\n\n\n<li>Building Materials<\/li>\n\n\n\n<li>Services<\/li>\n\n\n\n<li>Permits &amp; Inspections<\/li>\n\n\n\n<li>Appliances<\/li>\n\n\n\n<li>Landscaping Labor &amp; Materials<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"2-differences-construction-loans-vs-traditional-mortgage-\"><strong>Differences: Construction Loans vs. Traditional Mortgage<\/strong><\/h2>\n\n\n\n<p>Although the two share similarities, a home construction loan is a very different type of loan than a traditional mortgage. <\/p>\n\n\n\n<p>While both types of loans can afford you a home, a new home construction loan is a specialized type of financing that, depending on the type of loan or lender, can optionally be converted into a traditional mortgage &#8211; and so there are a number of key differences and caveats to be aware of:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Terms &amp; Payments<\/li>\n\n\n\n<li>Interest Rates &amp; Down Payment<\/li>\n\n\n\n<li>Fund Access &amp; Distribution<\/li>\n\n\n\n<li>Inspections, Appraisers &amp; Authorization<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3-1-terms-amp-payments\">1. Terms &amp; Payments<\/h3>\n\n\n\n<p>Your average traditional mortgage has repayment terms of around 15 to 30 years, making it a long-term loan you pay over time &#8211; on the other hand, your average home construction loan is short-term loan with repayment terms of around 1 to 2 years &#8211; being designed to only last as long as it takes for you to complete construction on your home. <\/p>\n\n\n\n<p>With construction loans, you initially pay interest on only the funds you have &#8220;drawn,&#8221; however, most construction loans must either be re-paid in full or converted into a traditional mortgage by the end of the projected building period. This often means the length of time you have before you must repay a construction loan is much, much shorter. <\/p>\n\n\n\n<p>While a traditional mortgage gives you a lump sum, construction loans have &#8220;draw&#8221; periods &#8211; during this  &#8220;draw&#8221; period, borrowers are usually only required to make interest payments on their home construction loan \u2013 as opposed to a traditional mortgage, where both interest payments and payments on the principal begin right away. <\/p>\n\n\n\n<p>If you decide or plan to convert your construction loan into a traditional mortgage, it is after conversion that you would be required to start making payments on both interest and the principal.<\/p>\n\n\n<style>.kadence-column3532_539e28-31 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px #e5e5e5;}.kadence-column3532_539e28-31 > .kt-inside-inner-col,.kadence-column3532_539e28-31 > 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.wp-block-kadence-column.kadence-column3532_1f51f9-aa{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_1f51f9-aa > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_1f51f9-aa > .kt-inside-inner-col{background-color:#f7fafc;}.kadence-column3532_1f51f9-aa > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_1f51f9-aa{position:relative;}.kadence-column3532_1f51f9-aa, .kt-inside-inner-col > .kadence-column3532_1f51f9-aa:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;}@media all and (max-width: 1024px){.kt-row-column-wrap > .kadence-column3532_1f51f9-aa{align-self:center;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_1f51f9-aa{align-self:auto;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_1f51f9-aa > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 1024px){.kadence-column3532_1f51f9-aa > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kt-row-column-wrap > .kadence-column3532_1f51f9-aa{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_1f51f9-aa{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_1f51f9-aa > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_1f51f9-aa > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}.kadence-column3532_1f51f9-aa {overflow:hidden;}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_1f51f9-aa inner-column-2\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_376453-01, .wp-block-kadence-advancedheading.kt-adv-heading3532_376453-01[data-kb-block=\"kb-adv-heading3532_376453-01\"]{margin-top:10px;margin-right:0px;margin-bottom:10px;margin-left:0px;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3532_376453-01 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_376453-01[data-kb-block=\"kb-adv-heading3532_376453-01\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p id=\"4-while-paying-interest-only-can-be-a-great-perk-in-the-beginning-keep-in-mind-that-as-with-other-types-of-interest-only-loans-you-will-still-owe-the-same-amount-of-money-at-the-end-of-the-day-even-if-minimum-payment-amounts-are-lower-at-first\" class=\"kt-adv-heading3532_376453-01 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_376453-01\">While paying interest only can be a great perk in the beginning, keep in mind that &#8212; as with other types of interest-only loans &#8212; you will still owe the same amount of money at the end of the day, even if minimum payment amounts are lower at first.<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"5-2-interest-rates-amp-down-payment\">2. Interest Rates &amp; Down Payment<\/h3>\n\n\n\n<p>Construction loans are often viewed as &#8220;risky&#8221; by mortgage lenders as they don&#8217;t have something that already exists (like an already constructed home) to be used as collateral &#8211; because of this, home construction loans generally have a higher interest rate than a long-term traditional mortgage on a resale or existing home.<\/p>\n\n\n\n<p>Additionally, home construction loan rates are almost always variable, meaning the rates may go up and down with the market based on the <a href=\"https:\/\/www.federalreserve.gov\/data.htm\">Federal Reserve Rate<\/a>.<\/p>\n\n\n\n<p>Home construction loans may require higher minimum <a href=\"https:\/\/www.khov.com\/blog\/when-is-down-payment-due-for-new-construction-home\/\">down payment<\/a> &#8211; while some lenders accept mortgage down payments as low as 3% (or even 0%, as we\u2019ll see later), you can expect your average home construction loan to require a down payment of at least 10% of the project total, and even 20%-30% down payments are not uncommon.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"6-3-fund-access-amp-distribution\">3. Fund Access &amp; Distribution<\/h3>\n\n\n\n<p>When it comes to a construction loan, the way you access funds works very differently, as opposed to being paid out to you the borrower as a lump sum (like a traditional mortgage), construction loans use installments and \u201cdraws\u201d that are paid out to contractors directly as construction is progresses.<\/p>\n\n\n\n<p>These draws are often linked to set milestones in a building project &#8212; for instance, once the foundation is laid, or the roofing is installed &#8212; or once the project hits certain percentages of completion. <\/p>\n\n\n<style>.kadence-column3532_2a0b39-69 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px #e5e5e5;}.kadence-column3532_2a0b39-69 > .kt-inside-inner-col,.kadence-column3532_2a0b39-69 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column3532_2a0b39-69 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_2a0b39-69 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_2a0b39-69 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_2a0b39-69 > .kt-inside-inner-col{background-color:var(--global-palette1, #3182CE);}.kadence-column3532_2a0b39-69 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_2a0b39-69{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_2a0b39-69 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_2a0b39-69 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_2a0b39-69 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-wrap.wp-block-kadence-rowlayout.kb-row-layout-id3532_636147-cb{margin-top:0px;margin-bottom:0px;}.kb-row-layout-id3532_636147-cb > .kt-row-column-wrap{align-content:center;}:where(.kb-row-layout-id3532_636147-cb > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:center;}.kb-row-layout-id3532_636147-cb > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:1140px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;grid-template-columns:minmax(0, calc(10% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)))minmax(0, calc(90% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)));}.kb-row-layout-id3532_636147-cb{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;overflow:clip;isolation:isolate;}.kb-row-layout-id3532_636147-cb > .kt-row-layout-overlay{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kb-row-layout-id3532_636147-cb{background-color:#7ab4ba;}.kb-row-layout-id3532_636147-cb > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_636147-cb > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr) minmax(0, 2fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_636147-cb > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_636147-cb alignnone kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-row-layout-right-golden kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-middle kt-inner-column-height-full kb-theme-content-width\">\n<style>.kadence-column3532_e2974b-78 > .kt-inside-inner-col,.kadence-column3532_e2974b-78 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_e2974b-78 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_e2974b-78 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_e2974b-78 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_e2974b-78 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_e2974b-78{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_e2974b-78 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_e2974b-78 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_e2974b-78 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-icon.kt-svg-icons3532_514f5e-96{justify-content:flex-end;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons3532_514f5e-96 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-3532_480eb6-65 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-3532_480eb6-65 .kb-svg-icon-wrap{color:#ffffff;font-size:50px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-3532_480eb6-65\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_info-circle\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M256 8C119.043 8 8 119.083 8 256c0 136.997 111.043 248 248 248s248-111.003 248-248C504 119.083 392.957 8 256 8zm0 110c23.196 0 42 18.804 42 42s-18.804 42-42 42-42-18.804-42-42 18.804-42 42-42zm56 254c0 6.627-5.373 12-12 12h-88c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h12v-64h-12c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h64c6.627 0 12 5.373 12 12v100h12c6.627 0 12 5.373 12 12v24z\"\/><\/svg><\/span><\/div>\n<\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column3532_2561dc-c5 > .kt-inside-inner-col{display:flex;}.kadence-column3532_2561dc-c5 > .kt-inside-inner-col{padding-top:10px;padding-right:10px;padding-bottom:0px;padding-left:15px;}.kadence-column3532_2561dc-c5 > .kt-inside-inner-col,.kadence-column3532_2561dc-c5 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:0px;}.kadence-column3532_2561dc-c5 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_2561dc-c5 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_2561dc-c5 > .kt-inside-inner-col > .aligncenter{width:100%;}.kt-row-column-wrap > .kadence-column3532_2561dc-c5{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_2561dc-c5{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_2561dc-c5 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_2561dc-c5 > .kt-inside-inner-col{background-color:#f7fafc;}.kadence-column3532_2561dc-c5 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_2561dc-c5{position:relative;}.kadence-column3532_2561dc-c5, .kt-inside-inner-col > .kadence-column3532_2561dc-c5:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;}@media all and (max-width: 1024px){.kt-row-column-wrap > .kadence-column3532_2561dc-c5{align-self:center;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_2561dc-c5{align-self:auto;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_2561dc-c5 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 1024px){.kadence-column3532_2561dc-c5 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kt-row-column-wrap > .kadence-column3532_2561dc-c5{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_2561dc-c5{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_2561dc-c5 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_2561dc-c5 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}.kadence-column3532_2561dc-c5 {overflow:hidden;}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_2561dc-c5 inner-column-2\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_05c5cd-cb, .wp-block-kadence-advancedheading.kt-adv-heading3532_05c5cd-cb[data-kb-block=\"kb-adv-heading3532_05c5cd-cb\"]{margin-top:10px;margin-right:0px;margin-bottom:10px;margin-left:0px;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3532_05c5cd-cb mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_05c5cd-cb[data-kb-block=\"kb-adv-heading3532_05c5cd-cb\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p id=\"7-%E2%80%9Cdraws%E2%80%9D-are-coined-as-such-because-you-are-%E2%80%9Cdrawing%E2%80%9D-on-the-loan-to-pay-for-construction-as-it-moves-forward-\" class=\"kt-adv-heading3532_05c5cd-cb wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_05c5cd-cb\">\u201cDraws\u201d are coined as such because you are \u201cdrawing\u201d on the loan to pay for construction as it moves forward. <\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"8-4-inspections-appraisers-amp-authorizations\">4. Inspections, Appraisers &amp; Authorizations<\/h3>\n\n\n\n<p>As opposed to the borrower managing payments and the organization of loan finances, lenders work with project appraisers or inspectors to assess construction progress and authorize payment at different stages of construction. &nbsp;<\/p>\n\n\n\n<p>These inspectors or appraisers conduct multiple inspections throughout construction, and it is only through their approval that funds or payments are be made.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"9-how-do-new-home-construction-loans-work-\"><strong>How do New Home Construction Loans Work?<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-uagb-image alignright uagb-block-98ae270d wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-right\"><figure class=\"wp-block-uagb-image__figure\"><img decoding=\"async\" srcset=\"\/blog\/wp-content\/uploads\/2023\/03\/new-home-construction-loan-planning-1024x655.jpg \" sizes=\"auto, (max-width: 480px) 150px\" src=\"\/blog\/wp-content\/uploads\/2023\/03\/new-home-construction-loan-planning-1024x655.jpg\" alt=\"New Home Construction Loan Planning\" class=\"uag-image-3704\" width=\"397\" height=\"218\" title=\"\" loading=\"lazy\"\/><\/figure><\/div>\n\n\n\n<p>New home construction loans work in three stages:<\/p>\n\n\n\n<ol class=\"wp-block-list\" style=\"list-style-type:1\">\n<li>Planning &amp; Application<\/li>\n\n\n\n<li>Construction<\/li>\n\n\n\n<li>Completion<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"10-planning-amp-loan-application-\">Planning &amp; Loan Application: <\/h3>\n\n\n\n<p>During planning, the borrower gathers and submits all financials, construction timelines, and plans to a lender for approval.<\/p>\n\n\n\n<p>The planning, application, and approval process for a new home construction loan is far more complex than applying for a traditional mortgage &#8211; and as you&#8217;ll see the requirements for approval can be much higher.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"11-construction\">Construction:<\/h3>\n\n\n\n<p>Once a borrower is approved, payment or \u201cdraws\u201d for construction can begin \u2013 when a home construction loan is approved, the lender uses an appraiser or inspector to assess construction progress and authorize the disbursement of funds based on construction milestones, stages, or percentage of completion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"12-home-completion\">Home Completion:<\/h3>\n\n\n\n<p>Prior to completion, the borrower typically only pays interest, once the build period is over and the home complete, the principal becomes due in full \u2013 it is at this point that the borrower can either pay the full construction loan principal or, more typically, convert the home construction loan into a traditional mortgage, and from that point on, repaying interest and the principal just like they would after buying a resale home.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"13-what-are-the-requirements-for-a-construction-loan-\"><strong>What are the Requirements for a Construction Loan?<\/strong><\/h2>\n\n\n\n<p>When applying for a construction loan, you can expect to be asked for all the typical mortgage application materials \u2013 like your credit score, income, and proof of employment \u2013 but you\u2019ll also have additional requirements to negotiate.<\/p>\n\n\n\n<p>Some of the most common lender requirements are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The planned home must be a one-unit, single-family, detached residence \u2013 so no condos, townhomes, or multifamily properties.<\/li>\n\n\n\n<li>It must also be an owner-occupied primary or secondary residence.<\/li>\n\n\n\n<li>The borrower will need to contract a licensed and insured builder, with a strong record of success; lenders will view your choice of builder closely and will likely want to see your construction contract with them.<\/li>\n\n\n\n<li>You\u2019ll need to provide a complete plan, or \u201cblue book,\u201d of the <a href=\"https:\/\/www.khov.com\/blog\/new-home-construction-process\/\" target=\"_blank\" rel=\"noreferrer noopener\">construction process<\/a> \u2013 everything from floor plans to construction materials to schedules. These will need to be checked against any local building codes.<\/li>\n<\/ul>\n\n\n<style>.kadence-column3532_bae92d-62 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px #e5e5e5;}.kadence-column3532_bae92d-62 > .kt-inside-inner-col,.kadence-column3532_bae92d-62 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column3532_bae92d-62 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_bae92d-62 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_bae92d-62 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_bae92d-62 > .kt-inside-inner-col{background-color:var(--global-palette1, #3182CE);}.kadence-column3532_bae92d-62 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_bae92d-62{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_bae92d-62 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_bae92d-62 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_bae92d-62 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-wrap.wp-block-kadence-rowlayout.kb-row-layout-id3532_cc2d30-bf{margin-top:0px;margin-bottom:0px;}.kb-row-layout-id3532_cc2d30-bf > .kt-row-column-wrap{align-content:center;}:where(.kb-row-layout-id3532_cc2d30-bf > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:center;}.kb-row-layout-id3532_cc2d30-bf > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:1140px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;grid-template-columns:minmax(0, calc(10% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)))minmax(0, calc(90% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)));}.kb-row-layout-id3532_cc2d30-bf{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;overflow:clip;isolation:isolate;}.kb-row-layout-id3532_cc2d30-bf > .kt-row-layout-overlay{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kb-row-layout-id3532_cc2d30-bf{background-color:#7ab4ba;}.kb-row-layout-id3532_cc2d30-bf > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_cc2d30-bf > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr) minmax(0, 2fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_cc2d30-bf > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_cc2d30-bf alignnone kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-row-layout-right-golden kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-middle kt-inner-column-height-full kb-theme-content-width\">\n<style>.kadence-column3532_548a7b-88 > .kt-inside-inner-col,.kadence-column3532_548a7b-88 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_548a7b-88 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_548a7b-88 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_548a7b-88 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_548a7b-88 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_548a7b-88{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_548a7b-88 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_548a7b-88 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_548a7b-88 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-icon.kt-svg-icons3532_d9732a-4d{justify-content:flex-end;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons3532_d9732a-4d alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-3532_2e0c7d-bd .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-3532_2e0c7d-bd .kb-svg-icon-wrap{color:#ffffff;font-size:50px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-3532_2e0c7d-bd\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_info-circle\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M256 8C119.043 8 8 119.083 8 256c0 136.997 111.043 248 248 248s248-111.003 248-248C504 119.083 392.957 8 256 8zm0 110c23.196 0 42 18.804 42 42s-18.804 42-42 42-42-18.804-42-42 18.804-42 42-42zm56 254c0 6.627-5.373 12-12 12h-88c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h12v-64h-12c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h64c6.627 0 12 5.373 12 12v100h12c6.627 0 12 5.373 12 12v24z\"\/><\/svg><\/span><\/div>\n<\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column3532_851181-81 > .kt-inside-inner-col{display:flex;}.kadence-column3532_851181-81 > .kt-inside-inner-col{padding-top:10px;padding-right:10px;padding-bottom:0px;padding-left:15px;}.kadence-column3532_851181-81 > .kt-inside-inner-col,.kadence-column3532_851181-81 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:0px;}.kadence-column3532_851181-81 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_851181-81 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_851181-81 > .kt-inside-inner-col > .aligncenter{width:100%;}.kt-row-column-wrap > .kadence-column3532_851181-81{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_851181-81{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_851181-81 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_851181-81 > .kt-inside-inner-col{background-color:#f7fafc;}.kadence-column3532_851181-81 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_851181-81{position:relative;}.kadence-column3532_851181-81, .kt-inside-inner-col > .kadence-column3532_851181-81:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;}@media all and (max-width: 1024px){.kt-row-column-wrap > .kadence-column3532_851181-81{align-self:center;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_851181-81{align-self:auto;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_851181-81 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 1024px){.kadence-column3532_851181-81 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kt-row-column-wrap > .kadence-column3532_851181-81{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_851181-81{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_851181-81 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_851181-81 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}.kadence-column3532_851181-81 {overflow:hidden;}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_851181-81 inner-column-2\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_d381c3-17, .wp-block-kadence-advancedheading.kt-adv-heading3532_d381c3-17[data-kb-block=\"kb-adv-heading3532_d381c3-17\"]{margin-top:10px;margin-right:0px;margin-bottom:10px;margin-left:0px;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3532_d381c3-17 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_d381c3-17[data-kb-block=\"kb-adv-heading3532_d381c3-17\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p id=\"14-construction-loans-aren%E2%80%99t-secured-by-a-fully-built-home-so-lenders-have-stricter-guidelines-when-assessing-your-financial-situation-%E2%80%93-often-wanting-to-see-plans-project-timelines-and-estimated-costs\" class=\"kt-adv-heading3532_d381c3-17 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_d381c3-17\">Construction loans aren\u2019t secured by a fully built home, so lenders have stricter guidelines when assessing your financial situation \u2013 often wanting to see plans, project timelines, and estimated costs.<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"15-types-of-home-construction-loans-\"><strong>Types of Home Construction Loans<\/strong><\/h2>\n\n\n\n<p>Your choice of home construction loan can largely depend on multiple factors such as: the specific project, your credit history, or even your lender &#8211; and being that construction loans are specialized loans, your choice of lender is an important decisions and it&#8217;s often recommended to go with lenders who are firmly experienced in handling home construction loans &#8211; and &#8211; with so many different loans available -can help you find the right loan for you.<\/p>\n\n\n<style>.kadence-column3532_4e1819-e0 > .kt-inside-inner-col,.kadence-column3532_4e1819-e0 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_4e1819-e0 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_4e1819-e0 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_4e1819-e0 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_4e1819-e0 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_4e1819-e0{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_4e1819-e0 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_4e1819-e0 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_4e1819-e0 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kt-accordion-id3532_39f82a-86 .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:10px;}.kt-accordion-id3532_39f82a-86 .kt-accordion-panel-inner{background:#f7fafc;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id3532_39f82a-86 .wp-block-kadence-pane .kt-accordion-header-wrap .kt-blocks-accordion-header{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);border-top-left-radius:6px;border-top-right-radius:6px;border-bottom-right-radius:6px;border-bottom-left-radius:6px;background:var(--global-palette9, #ffffff);font-size:18px;line-height:24px;font-weight:bold;text-transform:uppercase;color:#7ab4ba;padding-top:14px;padding-right:16px;padding-bottom:14px;padding-left:16px;}.kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-icon-trigger:before{background:#7ab4ba;}.kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger{background:#7ab4ba;}.kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}.kt-accordion-id3532_39f82a-86 .kt-accordion-header-wrap .kt-blocks-accordion-header:hover, body:not(.hide-focus-outline) .kt-accordion-id3532_39f82a-86 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible{color:#ffffff;background:#7ab4ba;border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}.kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion--visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger, body:not(.hide-focus-outline) .kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger{background:#ffffff;}.kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id3532_39f82a-86:not( 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):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:#ffffff;}.kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id3532_39f82a-86:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#7ab4ba;}@media all and (max-width: 1024px){.kt-accordion-id3532_39f82a-86 .wp-block-kadence-pane .kt-accordion-header-wrap .kt-blocks-accordion-header{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}@media all and (max-width: 1024px){.kt-accordion-id3532_39f82a-86 .kt-accordion-header-wrap .kt-blocks-accordion-header:hover, body:not(.hide-focus-outline) .kt-accordion-id3532_39f82a-86 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}@media all and (max-width: 1024px){.kt-accordion-id3532_39f82a-86 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible, .kt-accordion-id3532_39f82a-86 .kt-accordion-header-wrap .kt-blocks-accordion-header.kt-accordion-panel-active{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}@media all and (max-width: 767px){.kt-accordion-id3532_39f82a-86 .kt-accordion-inner-wrap{display:block;}.kt-accordion-id3532_39f82a-86 .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}.kt-accordion-id3532_39f82a-86 .wp-block-kadence-pane .kt-accordion-header-wrap .kt-blocks-accordion-header{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}.kt-accordion-id3532_39f82a-86 .kt-accordion-header-wrap .kt-blocks-accordion-header:hover, body:not(.hide-focus-outline) .kt-accordion-id3532_39f82a-86 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}.kt-accordion-id3532_39f82a-86 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible, .kt-accordion-id3532_39f82a-86 .kt-accordion-header-wrap .kt-blocks-accordion-header.kt-accordion-panel-active{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone\"><div class=\"kt-accordion-wrap kt-accordion-id3532_39f82a-86 kt-accordion-has-11-panes kt-active-pane-5 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-arrow kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"true\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-6 kt-pane3532_a4a3f8-d4\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>Construction-Only Loan<\/strong> <\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.kadence-column3532_3135c7-32 > .kt-inside-inner-col{padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kadence-column3532_3135c7-32 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px rgba(0, 0, 0, 0.2);border-left:10px solid #7ab4ba;}.kadence-column3532_3135c7-32 > .kt-inside-inner-col,.kadence-column3532_3135c7-32 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_3135c7-32 > .kt-inside-inner-col{column-gap:0px;}.kadence-column3532_3135c7-32 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_3135c7-32 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_3135c7-32 > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column3532_3135c7-32 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_3135c7-32{text-align:left;}.kadence-column3532_3135c7-32{position:relative;}.kadence-column3532_3135c7-32, .kt-inside-inner-col > .kadence-column3532_3135c7-32:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column3532_3135c7-32 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_3135c7-32 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_3135c7-32 kb-section-dir-vertical inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-id3532_a6939b-18 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3532_a6939b-18 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3532_a6939b-18 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3532_a6939b-18 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_a6939b-18 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_a6939b-18 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_a6939b-18 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3532_126b21-ff > .kt-inside-inner-col,.kadence-column3532_126b21-ff > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_126b21-ff > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_126b21-ff > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_126b21-ff > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_126b21-ff > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_126b21-ff{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_126b21-ff > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_126b21-ff > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_126b21-ff inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_52eebd-00, .wp-block-kadence-advancedheading.kt-adv-heading3532_52eebd-00[data-kb-block=\"kb-adv-heading3532_52eebd-00\"]{font-size:22px;font-weight:900;font-style:normal;text-transform:uppercase;letter-spacing:1px;color:#7ab4ba;}.wp-block-kadence-advancedheading.kt-adv-heading3532_52eebd-00 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_52eebd-00[data-kb-block=\"kb-adv-heading3532_52eebd-00\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 id=\"16-construction-only-loan-\" class=\"kt-adv-heading3532_52eebd-00 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_52eebd-00\"><strong>Construction-Only Loan<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"17-what-is-a-construction-only-loan-\"><strong>What is a Construction-Only Loan? <\/strong><\/h4>\n\n\n\n<p>A construction-only loan finances the cost of the construction project itself, but not the subsequent mortgage on the finished home. When the loan reaches maturity, the borrower must either pay the loan in full, or obtain a more permanent type of financing such as a traditional mortgage.<\/p>\n\n\n\n<p>Construction-only loans tend to have stricter qualification requirements than construction-to-permanent (C2P) loans, as construction-only loans don\u2019t involve the collateral of a finished home and are therefore considered by lenders to be riskier.&nbsp;<\/p>\n\n\n<style>.kadence-column3532_94eaad-c0 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px #e5e5e5;}.kadence-column3532_94eaad-c0 > .kt-inside-inner-col,.kadence-column3532_94eaad-c0 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column3532_94eaad-c0 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_94eaad-c0 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_94eaad-c0 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_94eaad-c0 > .kt-inside-inner-col{background-color:var(--global-palette1, #3182CE);}.kadence-column3532_94eaad-c0 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_94eaad-c0{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_94eaad-c0 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_94eaad-c0 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_94eaad-c0 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-wrap.wp-block-kadence-rowlayout.kb-row-layout-id3532_822b31-63{margin-top:0px;margin-bottom:0px;}.kb-row-layout-id3532_822b31-63 > .kt-row-column-wrap{align-content:center;}:where(.kb-row-layout-id3532_822b31-63 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:center;}.kb-row-layout-id3532_822b31-63 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:1140px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;grid-template-columns:minmax(0, calc(10% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)))minmax(0, calc(90% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)));}.kb-row-layout-id3532_822b31-63{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;overflow:clip;isolation:isolate;}.kb-row-layout-id3532_822b31-63 > .kt-row-layout-overlay{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kb-row-layout-id3532_822b31-63{background-color:#7ab4ba;}.kb-row-layout-id3532_822b31-63 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_822b31-63 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr) minmax(0, 2fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_822b31-63 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_822b31-63 alignnone kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-row-layout-right-golden kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-middle kt-inner-column-height-full kb-theme-content-width\">\n<style>.kadence-column3532_c90126-42 > .kt-inside-inner-col,.kadence-column3532_c90126-42 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_c90126-42 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_c90126-42 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_c90126-42 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_c90126-42 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_c90126-42{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_c90126-42 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_c90126-42 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_c90126-42 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-icon.kt-svg-icons3532_f93090-77{justify-content:flex-end;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons3532_f93090-77 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-3532_af1b2f-9c .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-3532_af1b2f-9c .kb-svg-icon-wrap{color:#ffffff;font-size:50px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-3532_af1b2f-9c\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_info-circle\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M256 8C119.043 8 8 119.083 8 256c0 136.997 111.043 248 248 248s248-111.003 248-248C504 119.083 392.957 8 256 8zm0 110c23.196 0 42 18.804 42 42s-18.804 42-42 42-42-18.804-42-42 18.804-42 42-42zm56 254c0 6.627-5.373 12-12 12h-88c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h12v-64h-12c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h64c6.627 0 12 5.373 12 12v100h12c6.627 0 12 5.373 12 12v24z\"\/><\/svg><\/span><\/div>\n<\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column3532_786b04-2f > .kt-inside-inner-col{display:flex;}.kadence-column3532_786b04-2f > .kt-inside-inner-col{padding-top:10px;padding-right:10px;padding-bottom:0px;padding-left:15px;}.kadence-column3532_786b04-2f > .kt-inside-inner-col,.kadence-column3532_786b04-2f > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:0px;}.kadence-column3532_786b04-2f > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_786b04-2f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_786b04-2f > .kt-inside-inner-col > .aligncenter{width:100%;}.kt-row-column-wrap > .kadence-column3532_786b04-2f{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_786b04-2f{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_786b04-2f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_786b04-2f > .kt-inside-inner-col{background-color:#f7fafc;}.kadence-column3532_786b04-2f > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_786b04-2f{position:relative;}.kadence-column3532_786b04-2f, .kt-inside-inner-col > .kadence-column3532_786b04-2f:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;}@media all and (max-width: 1024px){.kt-row-column-wrap > .kadence-column3532_786b04-2f{align-self:center;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_786b04-2f{align-self:auto;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_786b04-2f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 1024px){.kadence-column3532_786b04-2f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kt-row-column-wrap > .kadence-column3532_786b04-2f{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_786b04-2f{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_786b04-2f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_786b04-2f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}.kadence-column3532_786b04-2f {overflow:hidden;}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_786b04-2f inner-column-2\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_6b82a7-5e, .wp-block-kadence-advancedheading.kt-adv-heading3532_6b82a7-5e[data-kb-block=\"kb-adv-heading3532_6b82a7-5e\"]{margin-top:10px;margin-right:0px;margin-bottom:10px;margin-left:0px;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3532_6b82a7-5e mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_6b82a7-5e[data-kb-block=\"kb-adv-heading3532_6b82a7-5e\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p id=\"18-it%E2%80%99s-worth-noting-that-some-lenders-will-give-you-the-option-to-convert-your-construction-only-loan-into-construction-to-permanent-loan-at-any-point-before-construction-is-completed-essentially-as-a-type-of-loan-refinancing-\" class=\"kt-adv-heading3532_6b82a7-5e wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_6b82a7-5e\">It\u2019s worth noting that some lenders will give you the option to convert your construction-only loan into construction-to-permanent loan, at any point before construction is completed &#8212; essentially as a type of loan refinancing.&nbsp;<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-7 kt-pane3532_fb1a85-c3\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong><strong>Construction-to-Permanent Loan<\/strong><\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.kadence-column3532_86cf12-93 > .kt-inside-inner-col{padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kadence-column3532_86cf12-93 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px rgba(0, 0, 0, 0.2);border-left:10px solid #7ab4ba;}.kadence-column3532_86cf12-93 > .kt-inside-inner-col,.kadence-column3532_86cf12-93 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_86cf12-93 > .kt-inside-inner-col{column-gap:0px;}.kadence-column3532_86cf12-93 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_86cf12-93 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_86cf12-93 > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column3532_86cf12-93 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_86cf12-93{text-align:left;}.kadence-column3532_86cf12-93{position:relative;}.kadence-column3532_86cf12-93, .kt-inside-inner-col > .kadence-column3532_86cf12-93:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column3532_86cf12-93 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_86cf12-93 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_86cf12-93 kb-section-dir-vertical inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-id3532_977ef9-d2 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3532_977ef9-d2 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3532_977ef9-d2 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3532_977ef9-d2 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_977ef9-d2 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_977ef9-d2 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_977ef9-d2 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3532_2f41b1-7f > .kt-inside-inner-col,.kadence-column3532_2f41b1-7f > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_2f41b1-7f > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_2f41b1-7f > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_2f41b1-7f > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_2f41b1-7f > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_2f41b1-7f{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_2f41b1-7f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_2f41b1-7f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_2f41b1-7f inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_d61f54-53, .wp-block-kadence-advancedheading.kt-adv-heading3532_d61f54-53[data-kb-block=\"kb-adv-heading3532_d61f54-53\"]{font-size:22px;font-weight:900;font-style:normal;text-transform:uppercase;letter-spacing:1px;color:#7ab4ba;}.wp-block-kadence-advancedheading.kt-adv-heading3532_d61f54-53 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_d61f54-53[data-kb-block=\"kb-adv-heading3532_d61f54-53\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 id=\"19-construction-to-permanent-loan-\" class=\"kt-adv-heading3532_d61f54-53 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_d61f54-53\"><strong><strong>Construction-to-Permanent Loan<\/strong><\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"20-what-is-a-construction-to-permanent-loan-\"><strong><strong>What is a Construction-to-Permanent Loan?<\/strong><\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/www.khov.com\/blog\/what-is-construction-to-permanent-loan\/\">Construction-to-permanent (C2P) loans<\/a>, also known as single-close loans, consolidate a construction loan and it\u2019s subsequent mortgage into a single loan, with one set of closing costs (which is why they&#8217;re also referred to as a single-close loan).<\/p>\n\n\n\n<p>Lenders typically require construction of the home to be completed within a specified time frame &#8212; ranging from six months to two years, but most often one year&nbsp;&#8212; before the loan converts into a 15- or 30-year, fixed-rate mortgage.<\/p>\n\n\n<style>.kadence-column3532_53cd83-12 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px #e5e5e5;}.kadence-column3532_53cd83-12 > .kt-inside-inner-col,.kadence-column3532_53cd83-12 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column3532_53cd83-12 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_53cd83-12 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_53cd83-12 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_53cd83-12 > .kt-inside-inner-col{background-color:var(--global-palette1, #3182CE);}.kadence-column3532_53cd83-12 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_53cd83-12{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_53cd83-12 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_53cd83-12 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_53cd83-12 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-wrap.wp-block-kadence-rowlayout.kb-row-layout-id3532_52c2e4-ef{margin-top:0px;margin-bottom:0px;}.kb-row-layout-id3532_52c2e4-ef > .kt-row-column-wrap{align-content:center;}:where(.kb-row-layout-id3532_52c2e4-ef > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:center;}.kb-row-layout-id3532_52c2e4-ef > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:1140px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;grid-template-columns:minmax(0, calc(10% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)))minmax(0, calc(90% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)));}.kb-row-layout-id3532_52c2e4-ef{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;overflow:clip;isolation:isolate;}.kb-row-layout-id3532_52c2e4-ef > .kt-row-layout-overlay{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kb-row-layout-id3532_52c2e4-ef{background-color:#7ab4ba;}.kb-row-layout-id3532_52c2e4-ef > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_52c2e4-ef > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr) minmax(0, 2fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_52c2e4-ef > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_52c2e4-ef alignnone kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-row-layout-right-golden kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-middle kt-inner-column-height-full kb-theme-content-width\">\n<style>.kadence-column3532_92ad38-0d > .kt-inside-inner-col,.kadence-column3532_92ad38-0d > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_92ad38-0d > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_92ad38-0d > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_92ad38-0d > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_92ad38-0d > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_92ad38-0d{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_92ad38-0d > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_92ad38-0d > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_92ad38-0d inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-icon.kt-svg-icons3532_c0fe14-83{justify-content:flex-end;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons3532_c0fe14-83 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-3532_afdf83-4f .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-3532_afdf83-4f .kb-svg-icon-wrap{color:#ffffff;font-size:50px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-3532_afdf83-4f\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_info-circle\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M256 8C119.043 8 8 119.083 8 256c0 136.997 111.043 248 248 248s248-111.003 248-248C504 119.083 392.957 8 256 8zm0 110c23.196 0 42 18.804 42 42s-18.804 42-42 42-42-18.804-42-42 18.804-42 42-42zm56 254c0 6.627-5.373 12-12 12h-88c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h12v-64h-12c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h64c6.627 0 12 5.373 12 12v100h12c6.627 0 12 5.373 12 12v24z\"\/><\/svg><\/span><\/div>\n<\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column3532_7c1470-61 > .kt-inside-inner-col{display:flex;}.kadence-column3532_7c1470-61 > .kt-inside-inner-col{padding-top:10px;padding-right:10px;padding-bottom:0px;padding-left:15px;}.kadence-column3532_7c1470-61 > .kt-inside-inner-col,.kadence-column3532_7c1470-61 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:0px;}.kadence-column3532_7c1470-61 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_7c1470-61 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_7c1470-61 > .kt-inside-inner-col > .aligncenter{width:100%;}.kt-row-column-wrap > .kadence-column3532_7c1470-61{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_7c1470-61{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_7c1470-61 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_7c1470-61 > .kt-inside-inner-col{background-color:#f7fafc;}.kadence-column3532_7c1470-61 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_7c1470-61{position:relative;}.kadence-column3532_7c1470-61, .kt-inside-inner-col > .kadence-column3532_7c1470-61:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;}@media all and (max-width: 1024px){.kt-row-column-wrap > .kadence-column3532_7c1470-61{align-self:center;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_7c1470-61{align-self:auto;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_7c1470-61 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 1024px){.kadence-column3532_7c1470-61 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kt-row-column-wrap > .kadence-column3532_7c1470-61{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_7c1470-61{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_7c1470-61 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}.kadence-column3532_7c1470-61 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}.kadence-column3532_7c1470-61 {overflow:hidden;}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_7c1470-61 inner-column-2\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_f36969-d8, .wp-block-kadence-advancedheading.kt-adv-heading3532_f36969-d8[data-kb-block=\"kb-adv-heading3532_f36969-d8\"]{margin-top:10px;margin-right:0px;margin-bottom:10px;margin-left:0px;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3532_f36969-d8 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_f36969-d8[data-kb-block=\"kb-adv-heading3532_f36969-d8\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p id=\"21-as-mentioned-borrowers-commonly-only-have-to-make-interest-payments-during-the-construction-phase-and-begin-repaying-the-principal-once-the-home-is-complete\" class=\"kt-adv-heading3532_f36969-d8 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_f36969-d8\">As mentioned, borrowers commonly only have to make interest payments during the construction phase, and begin repaying the principal once the home is complete.<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-8 kt-pane3532_59e2f1-0a\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong>Renovation loan<\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.kadence-column3532_0e94de-68 > .kt-inside-inner-col{padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kadence-column3532_0e94de-68 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px rgba(0, 0, 0, 0.2);border-left:10px solid #7ab4ba;}.kadence-column3532_0e94de-68 > .kt-inside-inner-col,.kadence-column3532_0e94de-68 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_0e94de-68 > .kt-inside-inner-col{column-gap:0px;}.kadence-column3532_0e94de-68 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_0e94de-68 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_0e94de-68 > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column3532_0e94de-68 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_0e94de-68{text-align:left;}.kadence-column3532_0e94de-68{position:relative;}.kadence-column3532_0e94de-68, .kt-inside-inner-col > .kadence-column3532_0e94de-68:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column3532_0e94de-68 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_0e94de-68 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_0e94de-68 kb-section-dir-vertical inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-id3532_84e2a0-24 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3532_84e2a0-24 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3532_84e2a0-24 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3532_84e2a0-24 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_84e2a0-24 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_84e2a0-24 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_84e2a0-24 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3532_c48506-a7 > .kt-inside-inner-col,.kadence-column3532_c48506-a7 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_c48506-a7 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_c48506-a7 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_c48506-a7 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_c48506-a7 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_c48506-a7{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_c48506-a7 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_c48506-a7 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_c48506-a7 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_0a05e8-1e, .wp-block-kadence-advancedheading.kt-adv-heading3532_0a05e8-1e[data-kb-block=\"kb-adv-heading3532_0a05e8-1e\"]{font-size:22px;font-weight:900;font-style:normal;text-transform:uppercase;letter-spacing:1px;color:#7ab4ba;}.wp-block-kadence-advancedheading.kt-adv-heading3532_0a05e8-1e mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_0a05e8-1e[data-kb-block=\"kb-adv-heading3532_0a05e8-1e\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 id=\"22-renovation-loan-\" class=\"kt-adv-heading3532_0a05e8-1e wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_0a05e8-1e\"><strong><strong><strong>Renovation Loan<\/strong><\/strong><\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"23-what-is-a-renovation-loan-\"><strong><strong><strong>What is a Renovation Loan?<\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p>Renovation loans are meant to cover significant repairs, renovations, or remodeling, whether on the home you already live in, or on a fixer-upper that you\u2019d like to purchase.<\/p>\n\n\n\n<p>These aren\u2019t for chores you\u2019ve been meaning to do around the house \u2013 rather for major changes that are projected to increase the home\u2019s value.&nbsp;<\/p>\n\n\n\n<p>Renovation loans are unusual in that they weigh a home\u2019s projected future value more heavily than its current value; when lenders decide how much they\u2019re willing to lend you, they\u2019ll consider the value of the renovated home to be your collateral.<\/p>\n\n\n\n<p>These kinds of loans can come in many forms, whether as renovation funds within a mortgage, an unsecured personal loan, government loan, home equity line of credit (<a href=\"https:\/\/consumer.ftc.gov\/articles\/home-equity-loans-and-home-equity-lines-credit\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">HELOC<\/a>), and more.&nbsp;<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-9 kt-pane3532_aaf23a-78\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>Owner builder loan<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.kadence-column3532_750ccc-67 > .kt-inside-inner-col{padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kadence-column3532_750ccc-67 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px rgba(0, 0, 0, 0.2);border-left:10px solid #7ab4ba;}.kadence-column3532_750ccc-67 > .kt-inside-inner-col,.kadence-column3532_750ccc-67 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_750ccc-67 > .kt-inside-inner-col{column-gap:0px;}.kadence-column3532_750ccc-67 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_750ccc-67 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_750ccc-67 > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column3532_750ccc-67 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_750ccc-67{text-align:left;}.kadence-column3532_750ccc-67{position:relative;}.kadence-column3532_750ccc-67, .kt-inside-inner-col > .kadence-column3532_750ccc-67:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column3532_750ccc-67 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_750ccc-67 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_750ccc-67 kb-section-dir-vertical inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-id3532_907c93-d9 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3532_907c93-d9 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3532_907c93-d9 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3532_907c93-d9 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_907c93-d9 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_907c93-d9 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_907c93-d9 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3532_d5080d-70 > .kt-inside-inner-col,.kadence-column3532_d5080d-70 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_d5080d-70 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_d5080d-70 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_d5080d-70 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_d5080d-70 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_d5080d-70{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_d5080d-70 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_d5080d-70 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_d5080d-70 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_d8458d-a3, .wp-block-kadence-advancedheading.kt-adv-heading3532_d8458d-a3[data-kb-block=\"kb-adv-heading3532_d8458d-a3\"]{font-size:22px;font-weight:900;font-style:normal;text-transform:uppercase;letter-spacing:1px;color:#7ab4ba;}.wp-block-kadence-advancedheading.kt-adv-heading3532_d8458d-a3 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_d8458d-a3[data-kb-block=\"kb-adv-heading3532_d8458d-a3\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 id=\"24-owner-builder-loan-\" class=\"kt-adv-heading3532_d8458d-a3 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_d8458d-a3\"><strong><strong><strong><strong>Owner Builder Loan<\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"25-what-is-an-owner-builder-loan-\"><strong><strong><strong><strong>What is an Owner Builder Loan?<\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p>If you\u2019re really hands-on (and ideally have relevant experience), you can also go the DIY route of the owner-builder loan, also known as the self-build construction loan.<\/p>\n\n\n\n<p>While lenders frequently require some background in construction or general contracting, these are often still considered by banks and other lenders to be high-risk loans.<\/p>\n\n\n\n<p>Personal loans can also be a good option here, with some lenders who specialize in owner-builder loans, and who allow for repayment terms of a decade or more, as opposed to the quick repayment turnaround of traditional construction loans.<\/p>\n\n\n\n<p>Serving as your own general contractor, in control of your budget, can have significant savings and enable you to take out a much smaller loan that you\u2019d likely need otherwise.<\/p>\n\n\n\n<p>Of course, stepping into the role of builder is also enormously complicated and labor-intensive, and you could find yourself on the hook for penalties and fees \u2013 as both the borrower and contractor \u2013 if construction runs over time.<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-10 kt-pane3532_96b4b4-6e\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>end loan<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.kadence-column3532_f05129-08 > .kt-inside-inner-col{padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kadence-column3532_f05129-08 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px rgba(0, 0, 0, 0.2);border-left:10px solid #7ab4ba;}.kadence-column3532_f05129-08 > .kt-inside-inner-col,.kadence-column3532_f05129-08 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_f05129-08 > .kt-inside-inner-col{column-gap:0px;}.kadence-column3532_f05129-08 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_f05129-08 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_f05129-08 > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column3532_f05129-08 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_f05129-08{text-align:left;}.kadence-column3532_f05129-08{position:relative;}.kadence-column3532_f05129-08, .kt-inside-inner-col > .kadence-column3532_f05129-08:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column3532_f05129-08 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_f05129-08 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_f05129-08 kb-section-dir-vertical inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-id3532_745ebd-8b > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3532_745ebd-8b > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3532_745ebd-8b > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3532_745ebd-8b > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_745ebd-8b > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_745ebd-8b > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_745ebd-8b alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3532_bff62e-24 > .kt-inside-inner-col,.kadence-column3532_bff62e-24 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_bff62e-24 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_bff62e-24 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_bff62e-24 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_bff62e-24 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_bff62e-24{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_bff62e-24 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_bff62e-24 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_bff62e-24 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_0fb1b7-df, .wp-block-kadence-advancedheading.kt-adv-heading3532_0fb1b7-df[data-kb-block=\"kb-adv-heading3532_0fb1b7-df\"]{font-size:22px;font-weight:900;font-style:normal;text-transform:uppercase;letter-spacing:1px;color:#7ab4ba;}.wp-block-kadence-advancedheading.kt-adv-heading3532_0fb1b7-df mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_0fb1b7-df[data-kb-block=\"kb-adv-heading3532_0fb1b7-df\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 id=\"26-end-loan-\" class=\"kt-adv-heading3532_0fb1b7-df wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_0fb1b7-df\"><strong><strong><strong><strong>End Loan<\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"27-what-is-an-end-loan-\"><strong><strong><strong><strong>What is an End Loan?<\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p>Should you need to take out a mortgage following construction of a home, that second home loan is known as an end loan.<\/p>\n\n\n\n<p>You\u2019ll apply for this separately, once your new home has been inspected and appraised, and the mortgage application process will be the same as it is for any existing home you might buy.&nbsp;<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-11 kt-pane3532_5c28c0-39\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>land loan<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.kadence-column3532_bbf745-90 > .kt-inside-inner-col{padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kadence-column3532_bbf745-90 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px rgba(0, 0, 0, 0.2);border-left:10px solid #7ab4ba;}.kadence-column3532_bbf745-90 > .kt-inside-inner-col,.kadence-column3532_bbf745-90 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_bbf745-90 > .kt-inside-inner-col{column-gap:0px;}.kadence-column3532_bbf745-90 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_bbf745-90 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_bbf745-90 > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column3532_bbf745-90 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_bbf745-90{text-align:left;}.kadence-column3532_bbf745-90{position:relative;}.kadence-column3532_bbf745-90, .kt-inside-inner-col > .kadence-column3532_bbf745-90:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column3532_bbf745-90 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_bbf745-90 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_bbf745-90 kb-section-dir-vertical inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-id3532_f02263-4d > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3532_f02263-4d > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3532_f02263-4d > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3532_f02263-4d > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_f02263-4d > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_f02263-4d > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_f02263-4d alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3532_80c091-20 > .kt-inside-inner-col,.kadence-column3532_80c091-20 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_80c091-20 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_80c091-20 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_80c091-20 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_80c091-20 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_80c091-20{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_80c091-20 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_80c091-20 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_80c091-20 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_adad81-73, .wp-block-kadence-advancedheading.kt-adv-heading3532_adad81-73[data-kb-block=\"kb-adv-heading3532_adad81-73\"]{font-size:22px;font-weight:900;font-style:normal;text-transform:uppercase;letter-spacing:1px;color:#7ab4ba;}.wp-block-kadence-advancedheading.kt-adv-heading3532_adad81-73 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_adad81-73[data-kb-block=\"kb-adv-heading3532_adad81-73\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 id=\"28-land-loan-\" class=\"kt-adv-heading3532_adad81-73 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_adad81-73\"><strong><strong><strong><strong>Land Loan<\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"29-what-is-a-land-loan-\"><strong><strong><strong><strong>What is a Land Loan?<\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p>A land loan (or lot loan) is a loan to cover the cost of a piece of land that you want to build on, but not the building project itself. The land needs to not have a home or business on it already, but within that, there are several kinds:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>raw land (which has none of the infrastructure you need to build a home, like sewer lines or road access)&nbsp;<\/li>\n\n\n\n<li>unimproved or undeveloped land (which has some basic infrastructure in place, but needs more work before the land is suited for a home)<\/li>\n\n\n\n<li>improved land (also known as lots; land which is ready to be built on for residential properties)<\/li>\n<\/ul>\n\n\n\n<p>The type of land you want to buy determines the type of land loan you need. It\u2019s important to keep in mind that the less infrastructure is in place, the higher your required down payment will be.<\/p>\n\n\n\n<p>Generally speaking, land loans are best for people who are thinking more long-term &#8212; especially if the land itself needs a lot of work &#8212; and don\u2019t have a project they need to complete in the immediate future.<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"30-government-assisted-home-construction-loans-\"><strong>Government-Assisted Home Construction Loans<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n<style>.kadence-column3532_8b9fb6-9b > .kt-inside-inner-col,.kadence-column3532_8b9fb6-9b > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_8b9fb6-9b > 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.kt-accordion-header-wrap .kt-blocks-accordion-header.kt-accordion-panel-active{color:#ffffff;background:#7ab4ba;border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}.kt-accordion-id3532_457680-a7:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id3532_457680-a7:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id3532_457680-a7:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( 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#EDF2F7);}}@media all and (max-width: 1024px){.kt-accordion-id3532_457680-a7 .kt-accordion-header-wrap .kt-blocks-accordion-header:hover, body:not(.hide-focus-outline) .kt-accordion-id3532_457680-a7 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}@media all and (max-width: 1024px){.kt-accordion-id3532_457680-a7 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible, .kt-accordion-id3532_457680-a7 .kt-accordion-header-wrap .kt-blocks-accordion-header.kt-accordion-panel-active{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}@media all and (max-width: 767px){.kt-accordion-id3532_457680-a7 .kt-accordion-inner-wrap{display:block;}.kt-accordion-id3532_457680-a7 .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}.kt-accordion-id3532_457680-a7 .wp-block-kadence-pane .kt-accordion-header-wrap .kt-blocks-accordion-header{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}.kt-accordion-id3532_457680-a7 .kt-accordion-header-wrap .kt-blocks-accordion-header:hover, body:not(.hide-focus-outline) .kt-accordion-id3532_457680-a7 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}.kt-accordion-id3532_457680-a7 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible, .kt-accordion-id3532_457680-a7 .kt-accordion-header-wrap .kt-blocks-accordion-header.kt-accordion-panel-active{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone\"><div class=\"kt-accordion-wrap kt-accordion-id3532_457680-a7 kt-accordion-has-9-panes kt-active-pane-5 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-arrow kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"true\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-6 kt-pane3532_d10edf-fe\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>va construction loan<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.kadence-column3532_f02c4b-79 > .kt-inside-inner-col{padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kadence-column3532_f02c4b-79 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px rgba(0, 0, 0, 0.2);border-left:10px solid #7ab4ba;}.kadence-column3532_f02c4b-79 > .kt-inside-inner-col,.kadence-column3532_f02c4b-79 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_f02c4b-79 > .kt-inside-inner-col{column-gap:0px;}.kadence-column3532_f02c4b-79 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_f02c4b-79 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_f02c4b-79 > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column3532_f02c4b-79 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_f02c4b-79{text-align:left;}.kadence-column3532_f02c4b-79{position:relative;}.kadence-column3532_f02c4b-79, .kt-inside-inner-col > .kadence-column3532_f02c4b-79:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column3532_f02c4b-79 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_f02c4b-79 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_f02c4b-79 kb-section-dir-vertical inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-id3532_592152-47 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3532_592152-47 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3532_592152-47 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3532_592152-47 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_592152-47 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_592152-47 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_592152-47 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3532_0680fa-bf > .kt-inside-inner-col,.kadence-column3532_0680fa-bf > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_0680fa-bf > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_0680fa-bf > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_0680fa-bf > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_0680fa-bf > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_0680fa-bf{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_0680fa-bf > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_0680fa-bf > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_0680fa-bf inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_b2b283-bd, .wp-block-kadence-advancedheading.kt-adv-heading3532_b2b283-bd[data-kb-block=\"kb-adv-heading3532_b2b283-bd\"]{font-size:22px;font-weight:900;font-style:normal;text-transform:uppercase;letter-spacing:1px;color:#7ab4ba;}.wp-block-kadence-advancedheading.kt-adv-heading3532_b2b283-bd mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_b2b283-bd[data-kb-block=\"kb-adv-heading3532_b2b283-bd\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 id=\"31-va-construction-loan-\" class=\"kt-adv-heading3532_b2b283-bd wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_b2b283-bd\"><strong><strong><strong><strong><strong>VA Construction Loan<\/strong><\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"32-what-is-a-va-construction-loan-\"><strong><strong><strong><strong>What is a VA Construction Loan?<\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p>VA construction loans are very similar to VA home loans in general (see our post on<a href=\"https:\/\/www.khov.com\/blog\/types-of-home-loans\/\"> types of home loans<\/a> for more).<\/p>\n\n\n\n<p>VA home construction loans are reserved for active and former military service members who\u2019ve served for a certain length of time \u2013 or their families, under certain conditions \u2013 VA loans are a fantastic option for those who qualify:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>They require $0 down payments<\/li>\n\n\n\n<li>no closing costs<\/li>\n\n\n\n<li>no private mortgage insurance (PMI),<\/li>\n\n\n\n<li>and no prepayment penalties<\/li>\n<\/ul>\n\n\n\n<p>&nbsp;While also typically having a lower credit score threshold than most mortgages.&nbsp;<\/p>\n\n\n\n<p>For a VA construction loan, you&#8217;ll need to meet all standard eligibility requirements for VA loans, as well as find a licensed and insured builder, registered with the VA.<\/p>\n\n\n\n<p>VA construction loans offer either a C2P or one-close option, or a two-close loan, in which the construction loan and the mortgage on the finished home are taken out separately.<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-7 kt-pane3532_aab59a-55\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>fha construction loan<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.kadence-column3532_8d60a8-9e > .kt-inside-inner-col{padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kadence-column3532_8d60a8-9e > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px rgba(0, 0, 0, 0.2);border-left:10px solid #7ab4ba;}.kadence-column3532_8d60a8-9e > .kt-inside-inner-col,.kadence-column3532_8d60a8-9e > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_8d60a8-9e > .kt-inside-inner-col{column-gap:0px;}.kadence-column3532_8d60a8-9e > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_8d60a8-9e > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_8d60a8-9e > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column3532_8d60a8-9e > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_8d60a8-9e{text-align:left;}.kadence-column3532_8d60a8-9e{position:relative;}.kadence-column3532_8d60a8-9e, .kt-inside-inner-col > .kadence-column3532_8d60a8-9e:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column3532_8d60a8-9e > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_8d60a8-9e > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_8d60a8-9e kb-section-dir-vertical inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-id3532_f3cdfd-54 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3532_f3cdfd-54 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3532_f3cdfd-54 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3532_f3cdfd-54 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_f3cdfd-54 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_f3cdfd-54 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_f3cdfd-54 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3532_56c605-28 > .kt-inside-inner-col,.kadence-column3532_56c605-28 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_56c605-28 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_56c605-28 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_56c605-28 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_56c605-28 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_56c605-28{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_56c605-28 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_56c605-28 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_56c605-28 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_84d1d1-86, .wp-block-kadence-advancedheading.kt-adv-heading3532_84d1d1-86[data-kb-block=\"kb-adv-heading3532_84d1d1-86\"]{font-size:22px;font-weight:900;font-style:normal;text-transform:uppercase;letter-spacing:1px;color:#7ab4ba;}.wp-block-kadence-advancedheading.kt-adv-heading3532_84d1d1-86 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_84d1d1-86[data-kb-block=\"kb-adv-heading3532_84d1d1-86\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 id=\"33-fha-construction-loan-\" class=\"kt-adv-heading3532_84d1d1-86 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_84d1d1-86\"><strong><strong><strong><strong><strong><strong>FHA Construction Loan<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"34-what-is-an-fha-construction-loan-\"><strong><strong><strong><strong>What is an FHA Construction Loan?<\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p>FHA construction loans are backed by the federal housing administration (FHA), which subsidizes home loans to try to put home ownership in reach of low- and middle-income applicants.<\/p>\n\n\n\n<p>Like VA loans, they have relatively forgiving approval thresholds &#8212; down payments can be as low as 3.5%, and anyone with credit scores of 500 or higher may qualify.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.khov.com\/blog\/fha-vs-conventional-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">FHA loans<\/a> offer either a construction-to-permanent option, or a 203(k) rehabilitation loan, which funds repairs and renovations to an existing home.<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-8 kt-pane3532_a15495-18\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong>USDA Construction Loan<\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.kadence-column3532_b000cd-97 > .kt-inside-inner-col{padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kadence-column3532_b000cd-97 > .kt-inside-inner-col{box-shadow:0px 0px 25px 0px rgba(0, 0, 0, 0.2);border-left:10px solid #7ab4ba;}.kadence-column3532_b000cd-97 > .kt-inside-inner-col,.kadence-column3532_b000cd-97 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_b000cd-97 > .kt-inside-inner-col{column-gap:0px;}.kadence-column3532_b000cd-97 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_b000cd-97 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_b000cd-97 > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column3532_b000cd-97 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_b000cd-97{text-align:left;}.kadence-column3532_b000cd-97{position:relative;}.kadence-column3532_b000cd-97, .kt-inside-inner-col > .kadence-column3532_b000cd-97:not(.specificity){margin-top:0px;margin-right:0px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column3532_b000cd-97 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_b000cd-97 > .kt-inside-inner-col{border-left:10px solid #7ab4ba;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_b000cd-97 kb-section-dir-vertical inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-id3532_925180-9c > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3532_925180-9c > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3532_925180-9c > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3532_925180-9c > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3532_925180-9c > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3532_925180-9c > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3532_925180-9c alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3532_b1caea-10 > .kt-inside-inner-col,.kadence-column3532_b1caea-10 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column3532_b1caea-10 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3532_b1caea-10 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3532_b1caea-10 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3532_b1caea-10 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_b1caea-10{position:relative;}@media all and (max-width: 1024px){.kadence-column3532_b1caea-10 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3532_b1caea-10 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_b1caea-10 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3532_5490d1-7f, .wp-block-kadence-advancedheading.kt-adv-heading3532_5490d1-7f[data-kb-block=\"kb-adv-heading3532_5490d1-7f\"]{font-size:22px;font-weight:900;font-style:normal;text-transform:uppercase;letter-spacing:1px;color:#7ab4ba;}.wp-block-kadence-advancedheading.kt-adv-heading3532_5490d1-7f mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3532_5490d1-7f[data-kb-block=\"kb-adv-heading3532_5490d1-7f\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 id=\"35-usda-construction-loan-\" class=\"kt-adv-heading3532_5490d1-7f wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3532_5490d1-7f\"><strong><strong><strong><strong><strong><strong><strong>USDA Construction Loan<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"36-what-is-a-usda-construction-loan-\"><strong><strong><strong><strong>What is a <strong>USDA Construction Loan<\/strong>?<\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p>Like other government-backed loans we&#8217;ve discussed, those backed by the US Department of Agriculture (USDA) are designed to put home ownership in reach of lower-income applicants, but USDA loans are specifically for those in rural areas (though keep in mind that &#8220;rural&#8221; can be a broad term, applying mainly to population thresholds).<\/p>\n\n\n\n<p>For those who qualify, the USDA can offer 100% financing for construction-to-permanent loans.&nbsp; &nbsp;<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"37-how-to-get-a-new-home-construction-loan-\"><strong>How to Get a New Home Construction Loan<\/strong><\/h2>\n\n\n\n<p>Getting a new home construction loan is a multi-step and sometimes lengthy process &#8211; and knowing the basics of what you need and how those steps play out can be a big help in preparing you for that process:<\/p>\n\n\n<style>.kadence-column3532_6f77b6-6e > .kt-inside-inner-col{display:flex;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col{padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col,.kadence-column3532_6f77b6-6e > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:0px;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col{column-gap:10px;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:flex-start;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col > *, .kadence-column3532_6f77b6-6e > .kt-inside-inner-col > figure.wp-block-image, .kadence-column3532_6f77b6-6e > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}.kt-row-column-wrap > .kadence-column3532_6f77b6-6e{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_6f77b6-6e{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_6f77b6-6e > .kt-inside-inner-col{align-items:center;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col{background-color:#f7fafc;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3532_6f77b6-6e{text-align:left;}.kadence-column3532_6f77b6-6e{position:relative;}.kadence-column3532_6f77b6-6e, .kt-inside-inner-col > .kadence-column3532_6f77b6-6e:not(.specificity){margin-top:-20px;margin-right:0px;margin-bottom:0px;margin-left:0px;}@media all and (max-width: 1024px){.kt-row-column-wrap > .kadence-column3532_6f77b6-6e{align-self:center;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_6f77b6-6e{align-self:auto;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_6f77b6-6e > .kt-inside-inner-col{align-items:center;}}@media all and (max-width: 1024px){.kadence-column3532_6f77b6-6e > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:flex-start;}}@media all and (min-width: 768px) and (max-width: 1024px){.kadence-column3532_6f77b6-6e > .kt-inside-inner-col > *, .kadence-column3532_6f77b6-6e > .kt-inside-inner-col > figure.wp-block-image, .kadence-column3532_6f77b6-6e > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}@media all and (max-width: 767px){.kt-row-column-wrap > .kadence-column3532_6f77b6-6e{align-self:center;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_6f77b6-6e{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column3532_6f77b6-6e > .kt-inside-inner-col{align-items:center;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;justify-content:flex-start;justify-content:flex-start;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col > *, .kadence-column3532_6f77b6-6e > .kt-inside-inner-col > figure.wp-block-image, .kadence-column3532_6f77b6-6e > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column3532_6f77b6-6e > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}.kadence-column3532_6f77b6-6e {overflow:hidden;}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3532_6f77b6-6e kb-section-dir-horizontal inner-column-2\"><div class=\"kt-inside-inner-col\">\n<h3 class=\"wp-block-heading\" id=\"38-1-select-a-home-builder\">1. Select a Home Builder<\/h3>\n\n\n\n<p>Before you get too deep in the weeds of a construction loan application, it&#8217;s important to choose the right builder for your project. And to do that, you\u2019ll need to think carefully about your priorities. Is it important to you that the builder has strong energy efficiency records? What kinds of homes do they need to build, and where? <\/p>\n\n\n\n<p><a href=\"https:\/\/www.nahb.org\/nahb-community\/nahb-directories\/local-associations-directory\">Online directories<\/a> from organizations like the National Association of Home Builders (NAHB) is a great place to start, but be careful to check out multiple sources, including any friends, family members, or neighbors with personal experience in having a home built.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"39-2-plan-your-construction-timeline-and-project-budget\">2. Plan Your Construction Timeline and Project Budget<\/h3>\n\n\n\n<p>Work with your builder to get an idea of how much your project will cost, and how long you want it to take. <\/p>\n\n\n\n<p>It&#8217;s essential to have at least a rough idea of these questions in order to know how big of a loan you&#8217;ll need and what kinds of repayment terms, in order to (spoiler alert) pick the right lender.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"40-3-choose-a-home-construction-loan-lender\">3. Choose a Home Construction Loan Lender<\/h3>\n\n\n\n<p>As many kinds of mortgages as there are out there, there are even more lenders. As with your search for a builder, it\u2019s important to check out multiple sources, and there\u2019s an abundance of <a href=\"https:\/\/www.nerdwallet.com\/m\/mortgages\/compare-top-mortgage-lenders-2?bucket_id=Best+Money+2&amp;gclid=Cj0KCQiAz9ieBhCIARIsACB0oGLZADs-dgZHHy-VuZbRUev2OoTMeWmJ-ngbqzROw8eiMHPuqIYVwpwaAheoEALw_wcB&amp;gclsrc=aw.ds&amp;mktg_body=643912503031&amp;mktg_link=9067609&amp;mktg_place=aud-674712454945%3Akwd-601839980&amp;model_execution_id=A0C754A1-4E92-4BF8-B872-5A3DD47B328E&amp;nw_campaign_id=976423&amp;utm_campaign=mr_mktg_paid_102022_refi_cash-out%3Ab%3Ad%3Ahi&amp;utm_content=c&amp;utm_medium=cpc&amp;utm_source=goog&amp;utm_term=cash+out+refinance+lenders_b\">online resources<\/a> to help you get started.&nbsp;<\/p>\n\n\n\n<p>You&#8217;ll also need to get your finances in order and be sure of how much money you need, what kind of monthly payments you can realistically make, and how long of a repayment period works for you. These are also questions to consider when deciding which kind of construction loan to apply for.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"41-4-get-preapproved-for-a-home-construction-loan\">4. Get Preapproved for a Home Construction Loan<\/h3>\n\n\n\n<p>Of course, it&#8217;s not enough to have your dream lender picked out. You also need to work with them to make sure that you actually can get approved, and for what amount, in case that affects your budget. You&#8217;ll need all the records typically required for a mortgage application, including credit history, bank statements, pay stubs, tax records, and <a href=\"https:\/\/www.khov.com\/blog\/what-is-proof-of-funds-real-estate\/\">proof of funds.<\/a><\/p>\n\n\n\n<p>Keep in mind that this is not a perfectly linear process, and every step might retroactively affect those that came before: For instance, if you get preapproved for a different amount than you expected (whether higher or lower), that may well affect your budget, and your timeline, and so forth.<\/p>\n\n\n\n<p>You&#8217;ll find that lots of decisions may need to be made and remade as you get all your ducks in a row, but that&#8217;s nothing to worry about; it&#8217;s all part of the process.<\/p>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"42-is-a-new-home-construction-loan-right-for-you\">Is a New Home Construction Loan Right For You?<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"655\" src=\"\/blog\/wp-content\/uploads\/2023\/03\/New-Home-Construction-Loan-Right-For-You-1024x655.jpg\" alt=\"New Home Construction Loan Right for You\" class=\"wp-image-5369\" srcset=\"\/blog\/wp-content\/uploads\/2023\/03\/New-Home-Construction-Loan-Right-For-You-1024x655.jpg 1024w, \/blog\/wp-content\/uploads\/2023\/03\/New-Home-Construction-Loan-Right-For-You-300x192.jpg 300w, \/blog\/wp-content\/uploads\/2023\/03\/New-Home-Construction-Loan-Right-For-You-768x492.jpg 768w, \/blog\/wp-content\/uploads\/2023\/03\/New-Home-Construction-Loan-Right-For-You-1536x983.jpg 1536w, \/blog\/wp-content\/uploads\/2023\/03\/New-Home-Construction-Loan-Right-For-You-409x262.jpg 409w, \/blog\/wp-content\/uploads\/2023\/03\/New-Home-Construction-Loan-Right-For-You.jpg 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>It depends, if you&#8217;re set on building your home from start to finish, a construction loan is probably the route you need to go &#8211; if you are looking for a new construction home but aren&#8217;t sure you want to go through the building or construction loan process, there are sometimes available quick-move in or <a href=\"https:\/\/www.khov.com\/blog\/what-is-a-move-in-ready-home\/\">move-in ready homes<\/a> &#8211; that is &#8211; new construction homes that are either fully built or very close to completion &#8211; these homes are most often treated the same way as a resale home, using a traditional mortgage to finance the home purchase. <\/p>\n\n\n\n<p>As <a href=\"https:\/\/www.khov.com\" target=\"_blank\" rel=\"noreferrer noopener\">new home builders<\/a>, K. Hovnanian Homes is well versed in the issues customers face when wanting to build or buy a new construction home &#8211; understanding the process and working with a lender who understands it are key to financing a successful home build &#8211; especially if it&#8217;s your first time building or buying a new construction home. <\/p>\n\n\n\n<p>So while this all might seem like a lot to keep track of, the important thing to remember is that when it comes to homeownership, it\u2019s always best to know and take into consideration all your options. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"43-home-construction-loan-faqs-\"><strong>Home Construction Loan FAQs<\/strong><\/h2>\n\n\n<style>.kt-accordion-id3532_fed052-cc .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:10px;}.kt-accordion-id3532_fed052-cc .kt-accordion-panel-inner{background:#f7fafc;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 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.kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:#ffffff;}.kt-accordion-id3532_fed052-cc:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id3532_fed052-cc:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#7ab4ba;}@media all and (max-width: 1024px){.kt-accordion-id3532_fed052-cc .wp-block-kadence-pane .kt-accordion-header-wrap .kt-blocks-accordion-header{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}@media all and (max-width: 1024px){.kt-accordion-id3532_fed052-cc .kt-accordion-header-wrap .kt-blocks-accordion-header:hover, body:not(.hide-focus-outline) .kt-accordion-id3532_fed052-cc .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}@media all and (max-width: 1024px){.kt-accordion-id3532_fed052-cc .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible, .kt-accordion-id3532_fed052-cc .kt-accordion-header-wrap .kt-blocks-accordion-header.kt-accordion-panel-active{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}@media all and (max-width: 767px){.kt-accordion-id3532_fed052-cc .kt-accordion-inner-wrap{display:block;}.kt-accordion-id3532_fed052-cc .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}.kt-accordion-id3532_fed052-cc .wp-block-kadence-pane .kt-accordion-header-wrap .kt-blocks-accordion-header{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}.kt-accordion-id3532_fed052-cc .kt-accordion-header-wrap .kt-blocks-accordion-header:hover, body:not(.hide-focus-outline) .kt-accordion-id3532_fed052-cc .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}.kt-accordion-id3532_fed052-cc .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible, .kt-accordion-id3532_fed052-cc .kt-accordion-header-wrap .kt-blocks-accordion-header.kt-accordion-panel-active{border-top:2px solid var(--global-palette7, #EDF2F7);border-right:2px solid var(--global-palette7, #EDF2F7);border-bottom:2px solid var(--global-palette7, #EDF2F7);border-left:2px solid var(--global-palette7, #EDF2F7);}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone\"><div class=\"kt-accordion-wrap kt-accordion-id3532_fed052-cc kt-accordion-has-13-panes kt-active-pane-5 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-arrow kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-6 kt-pane3532_9762c4-ee\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong>Can I use Home Equity for a Construction Loan?<\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>One of the great things about home equity is that a home equity loan can be used for just about anything &#8212; including a home construction loan. If you&#8217;re already a homeowner, tapping into your current home equity can be a great way to fund a down payment \u2013 not to mention that some funds used for home renovations may be tax-deductible, while also increasing your home\u2019s value, and thus increasing your home equity\u2026and so forth.&nbsp;<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-7 kt-pane3532_c07f9f-72\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong><strong>Is a Home Construction Loan Tax-Deductible?<\/strong><\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>This can vary, and &#8212; as with all financial advice here &#8212; it&#8217;s crucial to speak with a financial advisor before taking definite steps based on general rules of thumb. That said, interest paid on construction loans <em>during the construction period <\/em>are often tax-deductible.&nbsp;<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-8 kt-pane3532_58656b-01\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong><strong><strong>Can a first-time home buyer get a home construction loan?<\/strong><\/strong><\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>First-time homebuyers can certainly get home construction loans &#8212; you&#8217;ll just want to be prepared for the fact that it&#8217;s a more complicated process than a typical mortgage. And especially if you don&#8217;t have an existing home as collateral, you&#8217;ll likely need to navigate stricter qualification requirements, and higher required down payments. That said, it&#8217;s absolutely possible to get a home construction loan for your first home.&nbsp;<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-9 kt-pane3532_1f8797-69\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong><strong><strong>Is it more difficult to get a construction loan?<\/strong><\/strong><\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>As we\u2019ve discussed, construction loans often do involve more hoops to jump through than a traditional mortgage &#8212; though renovation loans (particularly if you already own the home being renovated) may not be quite as involved as construction loans. However, \u201cdifficult\u201d is not \u201cimpossible\u201d; it simply means that there are more steps involved.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><strong><strong>At K. Hovnanian Homes, with meticulous attention to detail and excellent customer service, we take pride in building beautiful new construction homes and communities across the nations &#8211; with a wide offering of homes and designs, you can be sure to find a new home to fit both your lifestyle and your budget<\/strong>.<\/strong><\/p>\n\n\n\n<p><strong>Want to learn more? <a href=\"https:\/\/www.khov.com\/contact-us\">Contact Us Today<\/a> or use our home search to\u00a0<a href=\"https:\/\/www.khov.com\/new-construction-homes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Find a K. Hovnanian Community<\/a>\u00a0near you!<\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Understanding your available loans and financing options, how they work, and what works well for you is a critical step to realizing your new home dream.<\/p>\n<p>So, if you\u2019re thinking about building a new home or buying new construction, you should know that there are specific home construction loans and financing options available to help you do just that \u2013 in fact, there are a lot of loans and options for that!<\/p>\n","protected":false},"author":2,"featured_media":5368,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ub_ctt_via":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5,4],"tags":[282,23,13,61,313],"class_list":["post-3532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-building","category-buying","tag-construction-loans","tag-mortgage","tag-new-construction","tag-new-construction-home","tag-new-home-construction-loans"],"featured_image_src":"\/blog\/wp-content\/uploads\/2023\/03\/New-Home-Construction-Loan-1.jpg","author_info":{"display_name":"K. Hovnanian Homes","author_link":"https:\/\/blog.khov.com\/blog\/author\/khovblog1\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Home Construction Loans: What They Are &amp; How They Work<\/title>\n<meta name=\"description\" content=\"Thinking of building or buying a new home? There are specific home construction loans available to help you do just that \u2013 in fact, there are a lot of loans for that!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Home Construction Loans: What They Are &amp; How They Work\" \/>\n<meta property=\"og:description\" content=\"Thinking of building or buying a new home? There are specific home construction loans available to help you do just that \u2013 in fact, there are a lot of loans for that!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.khov.com\/blog\/what-are-new-home-construction-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"The K. 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