Construction Loan
From lot to keys in a single closing
This finances a custom build or a major renovation. With the single closing structure you pay closing costs once and the loan converts into a mortgage on its own when the work is finished.
- Down from
- 20%
- Minimum score
- 680
- Documentation
- Taxes and W2s
What sets it apart
- A single closing that combines the construction and the mortgage in one transaction
- During the build you pay interest only on what has been drawn so far
- Funds are released in stages as progress gets verified
- It also covers major renovations on a home that already exists
Who it is for
Buyers who already own land or would rather build to their own plans than buy something finished.
Does this sound like your situation?
Prequalify in three minutes and we will confirm whether this is the right program for you or which one suits you better.
Prequalify for this programOther programs
ITIN and DACA Loan
Buy a home without a Social Security number
If you file taxes with an ITIN or you hold DACA status, you can buy a home. These loans do not come from the government but from banks that accept your ITIN as valid tax identification.
Bank Statement Loan
Qualify on what comes into your account
When you work for yourself, your tax returns show far less than you actually earn because deductions bring the number down. This program looks at your account deposits instead of your tax returns.
Profit and Loss Loan
One document from your accountant
This one is built for business owners whose real income never shows up on their tax returns. You qualify with a profit and loss statement prepared by an accountant and no bank statements get reviewed.
Electi Financial Solutions manages and supports your financing application. Loans are originated and funded by our lending partner under its own NMLS license. Electi is not a bank or a lending institution.
The figures shown are general parameters of each program and do not constitute a loan offer or a commitment to lend. Down payment, score and documentation requirements are set by the lender and vary based on your profile, the property and market conditions. All approvals are subject to full underwriting.
Equal Housing Opportunity. We comply with the Fair Housing Act and with the Equal Credit Opportunity Act.