Call Toll Free 866-211-3344

Washington Construction Loans Help Make Dreams Into A Reality

Most people make the mistake of simply assuming that having a custom home is only possible for people who are fantastically wealthy. After all, the majority of people can not get a home at all without the help of a mortgage, and a mortgage is not available until an actual house has been built to be used as security for it. The reality is, though, that far more people have access to loan money designed to help them to build their own home than most people have ever realized.

The key to building your own new residential home for many people is Washington construction loans. These are loans that are designed to last long enough to cover the construction process itself. You may use the land on which the new building will rest as a form of security for it. Either way, though, there will usually be set details such as how the money is actually disbursed over the construction period in order to make funds available at major milestones to keep things moving forward. Once all of the work has been done, the inspections have been approved, and an occupancy permit is issued, it is time to repay the loan in full.

That does not mean, however, that you actually have to be able to get your hands on all of that money at once. Instead, because there is an actual brand new house at that point, you are now in a position to get a mortgage. It is up to you whether you go and get a loan that is designed to automatically convert into a mortgage at the end of the building process.

Doing so is a good way to save yourself the extra complication and expense of having to go through an additional application and closing process. On the other hand, if you prefer to keep your options option about what lender you will be working with when you move into the house, you can choose to do that.

You do not have to be supremely wealthy in order to build your dream home. You just have to have the good credit and steady income that is necessary to put loans together to help you to pay to make your dream a reality.