These are just guidelines and every lender has their own terms.
There are 3 types of Construction Loans available. 203K, HomeStyle Renovation and One-Time Close Loans
Get Your Home Ready for Lifelong Homeownership With 203K Loans Or Other Remodel or Renovation
203k Construction Loan has more flexibility.You can have Lower FICO Scores and Higher debt-to-income ratios.
HomeStyle® Renovation Mortgage Loan is less flexible then a 203K. You need Higher FICO Scores and Lower debt-to-income ratios.
New Construction Loan. A single loan and 1 Closing date. Take land and turn it into a Home.
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