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A construction loan is a short-term loan that covers only the costs of custom home building. Once the home is built, the prospective occupant must apply for a mortgage to pay for the completed home.
However, there are several other loans available when it comes to home building, from ground-up building to completely gutting a current home so you can renovate. So, whether you have a plot of land and need to start from scratch, have a teardown situation where the current home has no redeeming value in your eyes or want to keep the bones of the structure but change pretty much everything on the inside, there’s likely a loan out there that’s right for you.
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