New Construction Loans in Redding, CA

US Lending is your source for New Construction Loans in California & more

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New Construction Loans

Building your home just go easier.
Our dedicated, experienced, IN-HOUSE Construction Lending Team has streamlined the construction loan process. We’ve got you covered when it comes to funding your dream home.

We understand each project is different and we can work with you and your builders to get it done!

*Other restrictions and guidelines apply. Please contact lender for full program details.

How Do Construction Loans Work?

We offer a Two-time Close Construction Loan. This means that you’ll have one loan to pay for the construction, then as construction nears completion, you’ll get a second loan to pay off the construction loan and become your permanent financing.

The payments on the construction loan are interest-only, and you can choose to make monthly payments or build them into your loan. Your permanent financing is a traditional loan, where you make principal and interest payments monthly just like any other mortgage.

YOUR STEPS TO NEW CONSTRUCTION

We start you on the right path by laying out each step, so you know what to expect.
1. APPLY FOR A LOAN
A loan officer will help you figure out your budget. They will ask you for documents, pull your credit, go over your financial qualifications, and talk about loan options.
2. LOOK & CHOOSE
Now it’s time to pick a builder/contractor, home design, and lot based on your budget and needs. Tour homes and do research to find the right fit.
3. LOAN APPROVAL
Once your plans are set, we will order an appraisal and get information from your builder. Once approved, you will have a loan closing to fund construction.
4. BUILDING YOUR HOME
Now construction can start! We will monitor the progress of your project with regular inspections and pay the builder according to our agreed draw schedule.
5. FINALIZE & MOVE IN
Once your home is almost done, we prepare your permanent loan. You will go through another loan approval. Once you close on this loan you can move in!

*Other restrictions and guidelines apply. Please contact lender for full program details.

Why choose US Lending for your New Construction loan?

Up to 90% financing

Pre-owned land can used to help with your down payment.

Loan Based On The Appraisal

Base you long-term loan on the appraised value and not just the cost of the build.

Easy Draws

Our in-house construction department works directly with your builder.

Don’t Move Twice

In most situations, you don’t need to sell your current home to qualify.

Lock-in Your Rate

Lock in your post-construction rate up to one year early.

One Year To Build

We work with timelines that exceed normal building parameters.

The draw process:

Your US Lending loan officer and our Construction Lending Team will work closely with your builder to ensure the construction process goes as smoothly as possible.

It all begins with a well-defined and proven DRAW PROCESS. Key features below:

Quick Turn Times

Inspector is dispatched with 24-72 hrs and draw is funded within a day or 2 after approval.

Direct Payments

Draw payments are made via wire transfers or checks are mailed. (based on your needs)

Subcontractors paid Directly

If requested, all subs must sign lean waivers, but can be paid directly.

Easy Draws and Approvals

Our construction lending team keeps things moving smoothly.

No Set Contingency

We require up to 10% based on project needs.

Site Prep Funding

Up to 50% can be funded at construction loan closing.

Final Inspection

A final inspection is required to receive final draw funds.

Up to 12 Months

We offer plenty of build time to complete your project.

Benefits of a New Construction Loan from US Lending

Looking to build a new single-family home? US Lending has a great construction loan for you.

We offer two-time close construction loans. That means you’ll have one loan that funds the construction phase, and then, as your house nears completion, you’ll get a second loan that pays off the construction loan and becomes your permanent financing.

You pay only the interest (known as interest-only) during the construction phase, which can be paid in monthly payments or rolled into your loan. When the house is done the traditional loan begins – monthly payments go toward principal and interest, just like any other mortgage.

The great thing about our construction loans is the availability of an up to 12-month term (6 months longer than most mortgage lenders).

You can forward-lock your permanent financing right at the beginning or at any time during the process. You won’t have to worry about where interest rates will be when your home reaches completion.

You’re Building a Home,

We Build Loans

Together we build Dreams

For loan examples and more information visit our disclosure page at https://uslendingcompany.com/disclosures/

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