So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information. The total loan amount is based on the value the home will have once the construction work is done. Offers a wide variety of loan options, including construction loans and programs for doctors. Equal Housing Lender, The rates above assume you have a down payment of at least 25% for a conventional fixed-rate loan, an adjustable-rate mortgage (ARM) loan or a jumbo loan, at least 3.5% for an FHA loan and 0% for a VA loan.. Offers specialty loans, such as construction and renovation loans and loans for second homes and investment properties. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Call 1-855-744-2668 Help us understand your needs, fill out a contact form and we'll get in touch. . Not all loan programs are available in all states for all loan amounts. One-time-close construction to permanent loan, Can finance up to 12 months of construction, Adjustable-rate and fixed interest rate options available, No penalties for prepaying the loan and a single set of closing costs. If you currently own another home that you plan to sell after your new home is finished, you could potentially leverage that home to finance construction. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. /*-->*/. The current average 30-year fixed mortgage rate climbed 11 basis points from 6.45% to 6.56% on Wednesday, Zillow announced. What type of loan is best for building a house? So how do we make money? Estimated monthly payment and APR calculation are based on a down payment of 0% and borrower-paid finance charges of 0.862% of the base loan amount, plus origination fees if applicable.