Home loans, in general, have been a challenge to obtain no matter what your credit status. Obtaining a residential construction loan offers even greater challenges. Residential construction loans are actually 2 different loans, your working construction loan, and the mortgage conversion loan.
It is imperative before you go to apply for a residential construction loan that you have all your credit information reviewed, corrected, and available for evaluation by the bank. Other information such as bank account details, where you are obtaining your capital for down payment and work and job histories are often requested. This is all information you must have available in order to make the process go as smoothly as possible.
Once you have submitted your information and answered all questions by the lending bank, you can expect up to a 3 month wait for the loan to be reviewed and approved and ready for use by contractors.
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