Question 1

How long does construction loan approval take in Martinez?

Accepted Answer

Expect 60-90 days from application to funding. Lenders need contractor vetting, plan reviews, and appraisals on projected value. Martinez permit pre-approval speeds this up.

Question 2

Can I act as my own general contractor?

Accepted Answer

Most lenders require licensed general contractors with liability insurance. Owner-builder loans exist but need extensive construction experience and much higher down payments.

Question 3

What happens if construction costs exceed the loan amount?

Accepted Answer

You pay overages out of pocket. Lenders won't increase funding mid-project. Budget 20% contingency before you break ground.

Question 4

Do construction loans cover land purchase?

Accepted Answer

Yes, if you roll land acquisition into the construction loan. If you already own the lot, lenders use its appraised value as part of your down payment.

Question 5

What rate locks apply during the build phase?

Accepted Answer

Construction-to-permanent loans lock your end rate at closing. Construction-only loans charge variable rates during building, then you refinance at current market rates when done.

Construction Loans in Martinez: Build Your Custom Home in Contra Costa County