Have you considered buying a house to renovate or building your own home from the ground up and wondered how a mortgage can cover that? In this episode, Len discusses the three types of construction project mortgages (Purchase Plus Improvement, Completion, and Draw Mortgages), how they’re different, and what they cover. After listening, you’ll have a good grasp of which mortgage you’ll need to apply for in your specific scenario along with an introduction to the specific terms involved. 

Len further breaks down the requirements that lenders are looking for from applicants in all three construction mortgage cases. There are many details that home buyers must be aware of, from how much down payment is required to who the contractor is to ensuring the right paperwork is filled out to account for all the costs associated with a build or renovation. This episode is a great introduction to the possibilities a construction mortgage offers, along with the key factors to be aware of in the process. 

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