plans – you will need to provide detailed plans and timetables to qualify for this type of financing.If you own property already, you actually may be able to leverage it as collateral, and get better terms for your construction loan land – usually, the property on which you will be building is included in the real estate construction loan.Banks are where you need to concentrate your efforts seeking this kind of financing, most often, as well as some government programs banks – while mortgage companies might be most common with securing a conventional mortgage, they tend to shy away from the complexity and risk of real estate construction loans.This article will help you to understand some of the basics about new construction real estate loans so that you can one day also claim your own part of the American dream.īefore delving into the specifics of loan types and how they might work for you, there are some commonalities shared by all real estate construction loans, including: The complication is that real estate construction loans are more complicated than a normal loan, so you have to do a little more legwork. The good news is that if you are looking for help in achieving a similar dream, there are programs and loans that are ready to help you. Many people might never act on it, while many others certainly will: finding ways to save and plan, and one day build the home they always wanted. To build a new house is a dream shared by many Americans. The financial condition of the North Carolina Housing Finance Agency may have changed since the date this information was prepared.Understanding Real Estate Construction Loans Each viewer of the aforementioned information acknowledges that (i) the North Carolina Housing Finance Agency is not now by this document offering any bonds or other securities, nor soliciting an offer to buy any securities, (ii) this information is not to be construed as any description of the North Carolina Housing Finance Agency-such offerings are only made pursuant to the appropriate official statements of the North Carolina Housing Finance Agency, (iii) the information provided speaks only as of the date thereof and the North Carolina Housing Finance Agency has not in any way undertaken to update such information, and (iv) no representation is made as to the propriety or legality of any secondary market trading of the bonds or other securities of the North Carolina Housing Finance Agency by anyone in any jurisdiction. This information relates to bond issues of the North Carolina Housing Finance Agency that have been sold and distributed in underwritten public offerings described in the related official statements. Under no circumstances shall North Carolina Housing Finance Agency have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any error (on account of neglect or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, transmitting, communicating or delivering this information, or (b) any direct, indirect, special, consequential, or incidental damages whatsoever, even if North Carolina Housing Finance Agency is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, any such information. Because of the possibility of human and mechanical error as well as other factors, this information is provided "as is" without warranty of any kind and no representation or warranty, expressed or implied, is made, nor should any be inferred, as to the accuracy, timeliness, or completeness of this information. Reference should be made to the official statement and operative documents of each series of bonds referred to herein for complete information on that issue. Social Media Disclaimer and Community Guidelinesĭisclaimer (please scroll and read, then proceed below)Īll information contained on the following Web pages is obtained from the Agency’s books and records, and is believed to be accurate and reliable.Notice of Public Hearing | Request for Comment.
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