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A construction loan is typically a short-term loan used to pay for the cost of building a home. It may be offered for a set term (usually around a year) to allow you the time to build your home.. It is also common for the bank to require an inspection at each stage before releasing the money.
City monies for the construction loan would come from the 150 Housing Development Fund. so each construction draw will need to be approved by staff based upon site inspections and third-party.
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A construction lending best practice used by most lenders is ordering draw inspections to validate progress in conjunction with disbursing funds. Reduce risk with draw inspections The simplest reason for draw inspections is to follow along with the builder so that you can ensure the loan proceeds are going into the collateral on the loan, and to identify problem loans as early as possible.
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Most of these home construction loans have a limited construction term, often no more than a year. During construction, the lender will disburse money to the builder as work progresses, and you typically make interest-only payments calculated on the amount of the loan that has been disbursed.
A construction loan is a short-term loan-usually about a year-used to fund the construction of your home, from breaking ground to moving in. With a BB&T construction-to-permanent loan, your construction financing simply converts to a permanent mortgage when your home is complete.