A construction mortgage loan often come with higher qualifying standards in terms of credit requirements and down payment amounts. Usually a minimum 20 to 30% down payment is required. In addition, most construction loans require a minimum credit rating of 620 or higher. This will vary depending on the lender.
Construction home loans come with a lot more risk to the lender, and there are variables when compared to a traditional mortgage. When lenders see more risk, they ask for more qualifications – and more money. Nothing hidden or gotchas.
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