Question 1

How does a construction loan work in Marina?

Accepted Answer

You borrow in stages as construction progresses. At completion, the loan converts to a standard mortgage.

Question 2

Do I need to own land before applying?

Accepted Answer

Not always. Some lenders finance land purchase and construction together in one loan. It depends on the program.

Question 3

Can I act as my own general contractor?

Accepted Answer

Rarely. Most lenders in this space require a licensed, third-party GC. Owner-builder programs exist but are limited.

Question 4

What is an interest reserve on a construction loan?

Accepted Answer

It's a funded buffer that covers your interest payments during the build. You don't pay out of pocket while construction runs.

Question 5

How long do construction loans last in California?

Accepted Answer

Most run 12 to 18 months. Lenders can extend, but delays cost you. Monterey County permitting makes padding your timeline smart.

Question 6

What credit score do I need for a construction loan?

Accepted Answer

Most lenders want 680 or higher. Stronger scores open better rates and lower down payment options. Rates vary by borrower profile and market conditions.

Construction Loans in Marina, CA — Build Instead of Buy