Welcome to Construction Loans Guide
Washington State Construction Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
New Home Construction Loans Versus Mortgage Loans
from:Owning a home is one of the most important and amazing milestones in life. It is also one of the most expensive. Houses aren't cheap. Not only that, but if you go the regular route of buying a home that is already made, you aren't always getting everything that you want. You may end up settling and buying a home that doesn't work for all of your needs. This may sound bad, but it is the most popular way to get a home for nearly everyone in America.
You don't have to do it this way, though. If you are certain of the kind of house that you want, you can always have it built. All you need to do is buy an empty plot of land and you are well on your way. After that, before you ever start hiring contractors, builders, or architects, you'll need to apply for new home construction loans.
It is important to look into new home construction loans first because people will often have the wrong idea about the process. Most people will think that they will qualify for much more money than they actually do. How much you qualify for will dictate how your house will be built and what it will look like. That's why it's bad to do any planning before getting your loan.
You'll find that new home construction loans are quite a bit different than regular mortgage loans. Mortgage loans are what you would deal with if you just bought a home that was already made and lived in. Since you won't be living in your home while its built, construction loans are great. You won't need to make any regular payments on the loan during construction, and will instead only need to pay interest. Once building is complete, you'll need to pay the full balance of the loan.
But what if you can't afford to pay it all at once? Most people don't have $100,000 or more in their savings account. Instead, you should try to find a bank that provides construction-to-permanent loans. These are new home construction loans that turn into regular mortgage loans once the house is complete. That way, you won't have to pay the full balance. Instead, you will just have to start paying regular mortgage payments once the house is complete. This makes building your own home plausible even for people with a middle class income.
As you can see, new home construction loans are very helpful if you want to start your family home from scratch. This way, you will get exactly what you want.
Washington State Construction Loans News
ENERGY: Uncertainty clouds Obama's latest solar push - Press-Enterprise
 Press-Enterprise | ENERGY: Uncertainty clouds Obama's latest solar push Press-Enterprise BY BEN GOAD WASHINGTON — President Barack Obama wants to revive the renewable energy push that fostered a solar development boom in the first years of his administration, particularly across the sun-drenched deserts of Riverside and San Bernardino ... |
Obama new budget proposal seeks to boost trade enforcement - USA TODAY
 USA TODAY | Obama new budget proposal seeks to boost trade enforcement USA TODAY WASHINGTON (AP) – President Obama's new budget proposal will ask Congress to devote millions of dollars for a new trade enforcement center and more US inspectors in China as the administration takes aim at unfair trade practices abroad, ... Recommended: The Week Ahead: Campaigning, the president's budget and Andy ... |
Empty, foreclosed houses burden cities, neighborhoods - The Seattle Times
Empty, foreclosed houses burden cities, neighborhoods The Seattle Times Abandoned or bank-owned houses pose growing problems for neighbors and officials in Washington cities hit hardest by the foreclosure crisis. By Sanjay Bhatt Neighbor John "JD" Wilson peers into the vacant house next door in Covington that had been left ... |
Bernanke's speech to home builders - Reuters
 USA TODAY | Bernanke's speech to home builders Reuters | WASHINGTON (Reuters) - Below is the text of Federal Reserve Chairman Ben Bernanke's speech to the 2012 National Association of Home builders International Builders' Show, Orlando, Florida: Housing Markets in Transition The economic recovery began ... Bernanke: Weak housing to hurt consumer spending for years The Federal Reserve Bank of San Francisco Bernanke: Home Builders Need Credit Relief, Too |
Faces beyond the numbers of long-term unemployed - CBS News
Faces beyond the numbers of long-term unemployed CBS News Creek, who lives in suburban Cincinnati, was a construction company office manager until he and almost everyone else at the firm were laid off in December 2007. He'd known the business was in trouble and says he actually turned down another ... |
Congress Trims State Revolving Funds, EPA Budget - Water World
Congress Trims State Revolving Funds, EPA Budget Water World By Patrick Crow, Washington Correspondent The Senate and House of Representatives have approved spending bills that would cut the Clean Water and Drinking Water State Revolving Funds (SRFs) by a total of $101 million. The Drinking Water SRF would be ... |
Wonkbook: Congress hangs back from the good economic news - Washington Post (blog)
Wonkbook: Congress hangs back from the good economic news Washington Post (blog) The statue of George Washington is silhouetted against the US Capitol dome on Capitol Hill in Washington. (Manuel Balce Ceneta - AP) On Thursday, two out of these three got a little more certain. The political leadership in Greece agreed to a deal that ... |
HUD Secretary Details Homeowner Help in $25 Billion Settlement - New America Media
HUD Secretary Details Homeowner Help in $25 Billion Settlement New America Media WASHINGTON, DC--The $25 billion home mortgage settlement announced this week will be especially important for ethnic families, said Department of Housing and Urban Development (HUD) Secretary Shaun Donovan, in a call-in press briefing Friday. |