You have the perfect home in mind
– it just isn’t built yet.
For new build homes, you’ll want
a construction loan.
Construction loans are short term and max out at one year. This loan makes sure your home gets built in a timely, efficient manner. After your home is built, a mortgage will be placed on your home, which will pay off the construction loan you had taken out previously. After your home is built, a mortgage will be placed on your home. You will then pay off the construction loan with the newly acquired mortgage.
VIP Mortgage’s construction lending department has simplified the process for borrowers. If you’re considering new construction, contact a VIP loan officer at 800-680-8799 and we’ll help you every step of the way!