Question 1

What credit score do I need for a construction loan in Grand Terrace?

Accepted Answer

Most lenders require at least 680. Some programs push that to 700 for larger loan amounts.

Question 2

Can I use a construction loan to build on land I already own?

Accepted Answer

Yes. Existing land equity can count toward your down payment requirement. Your lender will appraise the lot.

Question 3

How does a one-time close construction loan work?

Accepted Answer

You close once before construction starts. The loan automatically converts to a mortgage when the build completes.

Question 4

How long does a construction loan last in California?

Accepted Answer

Most have 12-month build terms. Extensions are possible but usually cost a fee.

Question 5

Do construction loan rates differ from regular mortgage rates?

Accepted Answer

Yes — construction rates run higher. Rates vary by borrower profile and market conditions.

Question 6

Does my builder need lender approval in San Bernardino County?

Accepted Answer

Yes. Lenders vet your contractor's license, insurance, and track record before approving the loan.

Construction Loans in Grand Terrace, CA