Land Loans:

Buying a piece of land and building a home is a wonderful way to ensure you will have the home of your dreams rather than buying a home already built which may not have exactly what you like in a home. Ideally, you would purchase the land and take out the construction loan all at once. This is not always the case as it could take months to obtain plans, a suitable contractor, and building costs. At Delta Home Loans we offer many land purchase loans programs that will allow you to roll into a construction loan at a later date or purchase the land to hold onto for a longer period of time, up to 20 years for future plans of improvement. We also offer programs with as little as 10% down payment as well as No-Income Verification programs with as little as 15% down payment. All programs are subject to qualifications, credit, and reserves.

Construction Loans:

Once the land has been identified and the building plans have been drawn, the construction loan is the next step. We offer all in one programs that allow you to finance the construction of the home and roll into a permanent loan at the end of the construction terms of 6, 9, 12 monthly are available. The permanent loan can be a fixed rate of 10, 15, 20, or 30 years adjustable programs or fixed to adjustable all offering interest only options and all available to fit your needs.

Construction loans do require a down payment of between 5 and 20% of the total acquisitions costs. Owning the land for a one year or more allows you to use the current appraised value rather than the purchase price and any increase in equity can work as part of the down payment, equity required. The best way to the "right" programs for you is to discuss your finances, plans and preferences with one of our mortgage specialists.