Top 4 Exceptional Construction Loans in Rhode Island
Rhode Island is a state that encompasses a few islands and is commonly known as the Ocean State. It is also the second-most densely populated state in the US, which makes it challenging for buyers to find their dream home. With a modest increase of 7% in home prices over the year, many first-time homebuyers and real estate investors are looking towards construction loans to finance their dream homes. This article will guide you through construction loans in Rhode Island and the best lenders you can approach for your home financing needs.
Benefits of a new construction loan in Rhode Island:
A construction loan offers several benefits to borrowers. For instance, it is easier to qualify for construction loans than other mortgage loans, and you don't require perfect credit, high income, or upfront payment to be approved. Also, you can access up to 100% of your home's value, which is an advantage if your home costs the same as your approved financing. Within the construction period, interest-only payments exclude the monthly payments until you move into the house, after which the payments become amortized, like standard mortgage payments.
Best Rhode Island construction loan lenders:
Several banks, credit unions, and specialized lenders offer construction loans in Rhode Island. Our research highlights the top four lenders you could consider.
1. TD Bank:
TD Bank is the sixth-largest bank in the United States by deposits, with over 0 billion in assets. Their robust construction loan product can help borrowers with single-family or secondary homes. The loan program features a 720-740 FICO score requirement, 20%-30% down payment on loans up to 3M, one-time close, fixed rate option or adjustable rate mortgages, and no pre-payment penalties. If you have owned the land for at least six months, TD Bank will lend up to 80% of the project's appraised value and review the land acquisition cost of construction for landowner under six months.
2. US Bank:
US Bank is a reputable large money lender with a solid construction loan program for primary residences and second homes. The loan program includes 720 credit score, 10%-25% down payment ranging from 0,000 to $10 million and conventional mortgage programs, major renovation loans, fixed-rate mortgages, One-Time-Close or ARM (5/1, 7/1 & 10/1), and no prepayment penalties.
3. Dime Bank:
Dime Bank is based in Connecticut, serving Rhode Island, and offers customized loan solutions that cater to their customer's needs. The construction loan program supports primary residences and home improvement loans.
4. Wintrust Mortgage:
Wintrust Mortgage is in the top 20 bank-owned retail mortgage originators that rivals conventional banks. The loan program includes FHA, VA, and conventional options, and down payment options. The loan term is a one-time permanent financing with interest-only payments during construction, and one-time closing for only the closing cost.
Rhode Island construction loan considerations:
Homebuyers and real estate investors who choose to access construction loans in Rhode Island must consider their budget flexibility, available cash for down payment, and future plans for their current living arrangements. Construction loans may or may not be the right choice for everyone.
Suppose you’re considering building your dream home or vacation property through construction loans in Rhode Island. In that case, it is vital to research the best lenders and the benefits of a new construction loan. Our article highlighted the top four lenders available and the benefits of such loans. Ultimately the right choice depends on what works best for you.
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