PA Construction Loans
Single Close Construction, Rehab, Revovation Loans for A+ credit borrowers

Pa Mortgage Pros offers three different Pennsylvania new construction loans to meet every need. To qualify for a PA construction loan you should call us at 866 577-PENN.     

For Alternative Construction Loans (bad credit, Spec, self builds, investors), click here    

For Renovation Loans, click here

We will need to confirm the following to give you a PA construction loan quote:

• Credit score (middle score of lowest borrower) must be at least 660. Bad Credit?
• An estimate of the total cost to build
• Estimated start and completion date of construction, if known
• Estimated lot value, if already owned
• Purchase date & price of lot, if already owned
• Income, unless you wish to elect a stated income construction loan
• $100,000 minimum loan amount
• Modular homes accepted

Manufactured homes (trailers and doublewides) not eligible

Pennsylvania Construction Loan Facts:

• Our construction loans require 5% down up to a loan amount of $411,000.
• All of our construction loans allow you to use existing lot equity to cover the down payment and closing costs.
• It will save you thousands of dollars if you can close on the lot and the construction on the same day.
• Any existing lot loans need to be refinanced into the construction loan.
• You do not need to have the contract and plans to make application.
• The house you are building will be appraised based on the plans so you will know the finished value.
• If you can have the builder cover the construction loan, and wait to take out an end loan when the house is done you will save thousands of dollars (construction loan payments, inspection fees, etc). This is not always an option with the builder but it never hurts to ask.

We will be glad to help in any way, including verifying credit if you wish. Often the credit scores obtained from consumer sites such as MyFico.com are different than the mortgage credit report scores, and cost more money. For the credit score that will be used for your loan in 5 minutes, please contact us.

No Builder Approval is needed.  An experienced builder who has experience building homes and references is all that is required.  We offer a self build program.

Work in Process:  Program 3B allows for a construction loan to complete a project that you may have already started.  The existing mortgage would be rolled into the new loan.  This is useful for those who planned to pay cash for the work but the project size grew beyond the original scope.

Free Float Down:  This program includes a free float down option. 

Single Close:  One closing means less closing costs.  You do not pay extra title insurance or closing fees.

Home           PA Bad Credit Construction Loans