Construction Home Loans

If you need money for new construction or home renovations in St. George, our mortgage company can help!

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Let Us Help You Find Funding When You Can’t Pay For The Cost
Of Your Project Up Front.

Whether you’re building your dream home or planning a big renovation, a construction loan can help you make your plans a reality. Creating a home that fits your exact specifications can be a complicated and expensive process, which is why many people take out a loan to cover the costs. A construction loan can give you the money to cover labor costs and materials, as well as permits, framing, interior finishing, and other expenses involved with your build. Contact Patriot Home Mortgage in St. George to learn more about your options.

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Construction Loan Requirements:

  • GOOD TO EXCELLENT CREDIT
  • STABLE INCOME AND PROOF THAT YOU WILL PAY BACK THE HOME
  • DOWN PAYMENT OF AT LEAST 20%
  • DETAILED CONSTRUCTION PLANS FOR YOUR PROJECT
  • AN APPRAISAL FOR YOUR HOME AND LAND

Construction Loans

Has the time finally come to get the home of your dreams? Many Americans across the country dream of having a home that meets every one of their wishes as well as needs. Often, the best way to make that happen is to build a home from the ground up. When it comes to financing a brand new build, mortgages can get a bit more complex because the home is not yet built. The type of home loan required to build a new home is similar to a conventional mortgage, but has a few differences meant to encompass the specialty needs of a new build.

New Construction

Construction home loans generally come in a couple of different options to provide greater flexibility through the building process. A construction-to-permanent loan is one that provides you the financial assistance to purchase the land, fund the construction, and pay for permits and any other details. At the end of construction, this type of construction home loan will convert to a permanent mortgage.

Similarly, a construction-only loan is one that provides the funding for land, construction, and other associated costs in much the same way that a construction-to-permanent loan works. However, a construction-only loan will need to be paid off entirely when the building process is complete. This option is better for those who have large cash reserves or want more time to shop for a permanent lender while the house is built.

Home Renovations

What about fixer-uppers? Home improvement shows bring out the handyman/woman in anyone who watches them, and homes that need some work can be an excellent investment as well as a great way to customize a home to your specifications. If you don’t have the cash on hand for major renovations, however, the fixer-upper option can seem out of reach. Renovation construction home loans offer the additional funding and flexibility to buy a home that needs work. A renovation construction home loan includes the funds for the renovation as part of your overall loan amount, and often comes with a built-in buffer in case something goes wrong during the renovation process.

At Patriot Home Mortgage, our team is here to help you figure out the best way to finance your future home, whatever those dreams may be. Work with our team to discuss the details so we can provide you with a personalized quote for a construction home loan based on your needs. Get prepared with the fullest information possible; get started with the Patriot Home Mortgage team!