How Do Construction Loans Work?
Homeseed is proud to offer stick-built construction loans, which give borrowers a better option for building the home of their dreams. With a Homeseed construction loan, you’ll gain access to our collaborative, cloud-based construction loan software which simplifies communication between you, the builder, 3rd-party inspectors, title companies and Homeseed. You also get full-time support and real-time tracking through the entire building process, ensuring you stay on-budget and on-time with your construction loan.
The Homeseed construction loan process
- Step 1 - Apply
- Use our convenient Simple & secure online application for your Homeseed construction loan.
- Step 2 - Processing & closing
- Save time and money with our one time closing construction-to-permanent loan.
- Step 3 - Construction & collaboration
- This is where your dreams come to life! Our cloud-based construction loan software will allow for full transparancy into the home building and financing process.
- Step 4 - Move in
- The day you are waiting for!
Your One-Time Close Construction Loan Options
Conventional
5% down payment
Min. Credit Score: 700
The most popular construction loan option of a fixed-rate mortgage with terms from 15 or 30 years.
FHA
3.5% down payment
Min. Credit Score: 640
A ‘Federal Housing Administration’ construction loan designed for those with less-than-perfect credit and a lower down payment.
VA
0% down payment
Min. Credit Score: 640
Construction loans dedicated to veterans or active duty service members. Includes exclusive benefits.
USDA Rural Development
0% down payment
Min. Credit Score: 640
Insured by the U.S. Department of Agriculture, USDA construction loans are mortgages in rural areas.
Have some questions?
Check out our construction FAQs page to find a list of the most common construction loan questions and their answers.