One-time construction loans are a great option for those looking to build their dream home. Here are some things to consider when applying for a one-time construction loan:
1. Understand the projected timeline and budget needed to complete the project.
2. Calculate your affordability range so that you can determine how much you can borrow.
3. Determine what documents and information lenders will need from you in order to approve the loan.
4. Research any restrictions and limitations imposed by lenders on one-time construction loans—and be sure to ask questions if you have any concerns or uncertainties.