What Type of Loan Do You Need to Construct Real Estate in Indianapolis?
March 13th, 2020
March 13th, 2020
If you want to build a home of your own in or around Indianapolis, you may be wondering what type of loan you need to apply for to make it a reality.
That depends on your specific plans and on the timeframe for those plans. In some cases, you might need to apply for two different types of loans. In others, a combination product might be available to fit your needs.
For many borrowers, a vacant land loan, also known as a "lot loan” is the right type of loan to apply for initially.
You should consider this type of loan if you think that it might be a while before you get around to constructing.
Once you own the land, you can move onto the next step and look for a competitive loan to finance the construction of your home.
There are many different types of loans available for construction, including government-backed loans like FHA, VA or USDA. These loans feature affordable rates and flexible credit qualifications.
It is easiest to get approved for a vacant land loan of any variety if you have a timeline for construction as well as specific building plans.
If you are shopping for land and you are ready to start building without delay, you can simplify things by applying for a one-step construction loan.
With this combination loan, you can finance both the land and the construction itself all at once.
Whatever your plans are for building a home in or around Indianapolis, Grandview Lending can help you to achieve your goals with rapid and competitive financing.
We can explain each of these different types of loans to you in detail and can tell you about your different options for each. Whatever your situation, there is a land loan and/or construction loan ideal for your individual needs.
To get started now, please call us today at (317) 255-0062 to schedule your consultation. We look forward to connecting you with the financing you need to make your dreams come true.
We provide our clients with exceptional service and integrity which has become our hallmark.