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Construction Loans in Susanville
Susanville's affordable land makes construction loans attractive for buyers wanting custom homes. Most borrowers here build rural properties or renovate existing homes to avoid limited inventory.
Construction financing in Lassen County requires lenders comfortable with rural appraisals. Not all wholesale lenders cover this area, so broker access to specialized construction lenders matters.
Construction loans require 680+ credit and 20-25% down. Lenders underwrite both you and your builder, so contractor licensing and track record affect approval.
You need complete plans, itemized budgets, and builder contracts before closing. Expect 45-60 days to fund once documentation is complete—longer than purchase loans.
Most big banks avoid construction loans in rural counties like Lassen. Regional lenders and credit unions dominate here, but their rates run 1-2% higher than standard mortgages.
We access wholesale construction lenders who close loans nationwide. That competition keeps your rate lower than going direct to a local bank with no alternatives.
Draw schedules kill more construction deals than credit scores. Lenders release funds in stages, but if your builder needs money upfront, the loan structure fails before you break ground.
I match construction loans to builder payment needs. Some lenders allow bigger initial draws. Others require inspection before every payment. Wrong lender choice creates cash flow problems mid-build.
Construction-to-permanent loans beat separate construction and mortgage loans. You close once, lock your rate early, and avoid double closing costs when the build finishes.
Hard money loans work for gut rehabs when you can't get traditional construction financing. Rates hit 10-12%, but approval takes days instead of weeks and credit requirements drop to 600.
Lassen County building permits take 4-8 weeks. Factor that timeline into your construction loan—interest accrues while you wait for permit approval, so delays cost money.
Susanville's small contractor pool means appraisers scrutinize builder experience. Use licensed contractors with completed projects. Unknown builders trigger lender denials even with perfect borrower credit.
Most lenders require 680 minimum. Some portfolio lenders accept 660 with 25% down and strong builder references.
Few lenders allow owner-builders in Lassen County. You typically need a licensed contractor with three completed projects and liability insurance.
Construction rates run 0.5-1.5% higher than purchase loans. During the build phase, you only pay interest on funds drawn, not the full loan amount.
Lenders fund the approved budget only. Cost overruns require cash reserves or refinancing after completion—plan for 10-15% contingency upfront.
Expect 45-60 days with complete plans and licensed builder. Rural appraisals add 2-3 weeks versus urban properties.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.