Construction-to-permanent loan
A construction-to-permanent loan covers the build and then converts to a regular mortgage after the home is finished.
A construction-to-permanent loan joins two loans into one. The first part pays for the build. The second part is the long-term mortgage you keep after move-in.
The Consumer Financial Protection Bureau says you may be able to convert a construction loan to a conventional mortgage. It warns that if the loan does not convert automatically, you may have to reapply for a new loan. Terms depend on the lender and your credit. Money still moves by a draw schedule during the build. Compare lenders before you choose, and see the cost to build a custom home in Tampa.
Related terms
Sources
Start your home.
Tell Halo about your lot, your plans and your timing. A call or a short note is enough to begin.
Start your homeOr call (813) 956-1972