Unlike traditional mortgages, which are provided in one lump sum, Construction Loans are structured to release funds incrementally. This allows builders and homeowners to access funds when they need them most—at the various stages of the construction process. Once the project is completed, the loan is often converted into a permanent mortgage, allowing you to continue paying off the loan over a long period with more favorable terms. This “conversion” is a major benefit of construction financing, as it reduces the complexity of securing additional financing once your home is built.

One of the key advantages of Construction Loans is that they allow you to finance both the construction phase and the permanent mortgage phase in one seamless loan process. This eliminates the need for multiple loans and helps simplify the process. Once construction is complete, the loan can be converted to a conventional loan or other long-term mortgage options, streamlining your financing for the life of the property. Our loan officers at Millennium Mortgage, LLC will guide you through this process to ensure that the transition is smooth.

For those looking to build a home rather than purchase an existing one, Construction Loans are a vital financing option. These loans are tailored to meet the needs of homeowners who want a custom-built home, offering the necessary funds to start construction and maintain progress. Whether you’re interested in building a single-family home, a multi-family property, or even an energy-efficient home, we offer loan options to fit various types of construction projects, including modern, sustainable homes.

Another benefit of Construction Loans is the flexibility in terms of the types of properties and construction projects that can be financed. Whether you are building a new home from the ground up, expanding an existing property, or completing major renovations to your current home, Millennium Mortgage, LLC offers tailored solutions to match your specific needs. Our Construction Loans can be used for a variety of purposes, from new residential construction to large-scale commercial or multi-unit residential projects.

At Millennium Mortgage, LLC, we also offer FHA 203K Rehab Loans, which are ideal for buyers who are purchasing a home that requires significant renovation. If you’ve found a home in need of repairs or upgrades, an FHA 203K Rehab Loan can combine the cost of both the home purchase and the renovation into one loan. This can be a great option for those looking to make improvements while financing their new home, as it streamlines the funding process for major renovation projects.

To qualify for a Construction Loan, you’ll need to provide a detailed construction plan and budget to your lender. This includes an estimate of the costs for labor, materials, permits, and other expenses. Additionally, the lender may require you to submit a timeline for the construction project and verify the qualifications of your builder or contractor. We will work with you to ensure all necessary documentation is submitted and that your loan application meets the requirements.