Build your perfect home with Mann Mortgage’s customized Construction Loans!
Construction loans make building Your Dream Home surprisingly easy and affordable.
What are construction home loans?
Whether you’re building a new home from the ground up or embarking on a major renovation project, we have the expertise and resources to make your dream home a reality. Feel free to reach out to our Helena Office for personalized assistance and to explore our competitive construction loan options.
Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.
The MannMade construction loan process.
- Construction loans are short-term loans designed to cover the costs of building a new home or renovating an existing one. They typically have variable interest rates and are disbursed in stages as your project progresses.
Our Helena Office offers two primary types of construction loans: construction-to-permanent loans, which transition into a traditional mortgage after construction, and standalone construction loans, which require a separate permanent mortgage.
To secure a construction loan, you’ll need a solid credit score, a detailed construction plan, and a reliable builder. Our Helena Office will assess your financial stability and project feasibility to determine eligibility.
Construction loan interest rates can vary, but they are generally higher than traditional mortgages due to the short-term nature of the loan. Our Helena Office can provide competitive rates and flexible terms tailored to your needs.
Construction loan funds are disbursed in installments, known as “draws,” as your project reaches predefined milestones. This ensures that funds are allocated efficiently and according to the construction plan.
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construction loans
The loan amount depends on various factors, including your creditworthiness, the project’s scope and cost, and our Helena Office’s assessment. Typically, you can borrow up to 80% of the project’s appraised value.
A construction-to-permanent loan combines both construction and permanent financing into one package, while a standalone construction loan requires separate financing for the permanent phase.
Qualification criteria include a good credit score, a well-defined construction plan, a reliable builder, and a down payment. Our Helena Office will evaluate your eligibility based on these factors.
Yes, you can. Construction loans can be used for significant renovations or remodeling projects on your current residence.
The repayment timeline varies, but typically, you’ll have 12 to 24 months during construction. Once the project is complete, the loan can convert into a traditional mortgage with a fixed interest rate, or you can choose to refinance it.
“I was always in the loop on my loan process. I loved the one-time close construction loan. It saved me thousands to be able to lock in the interest rate.”
Josue Gabriel Lopez
Let's get you home.
Borrow up to 97% of a home’s value with as little as 5% down. Our local loan experts will help guide you.
