Question : What is the best way to go about getting my first home construction loan?
I am 24 years old and have excellent credit (as does my wife). We have some equity in the form of a little more than 5 acres and a mobile home. We hope to build our first home on this land. We have picked a floor plan we love and believe we can afford. What are some options we may have? Also, how may we go about pursuing these options in order to begin building soon? Thanks ahead for any help!
home construction loans

Best answer:

Answer by ellissanjose
Congratulations on having excellent credit. I have found that small local or regional banks offer the most competitive rates & programs for construction loans.

I would go to a few small banks or better yet, go to a local Real Estate Club meeting and get some recommendations & referrals. Then you can see what programs are available & what will best suit your needs.

A major determining factor of the structure of your financing will depend on how much your cost of construction compares to your equity in the property.