Question 1

How does a construction loan work in Loma Linda?

Accepted Answer

You draw funds in stages as the build progresses. At completion, the loan converts to a permanent mortgage.

Question 2

What credit score do I need for a construction loan?

Accepted Answer

Most lenders require 680 or higher. Stronger scores get better terms. Rates vary by borrower profile and market conditions.

Question 3

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. Tell your broker upfront so they structure it correctly.

Question 4

What is a one-time close construction loan?

Accepted Answer

It combines the construction phase and permanent mortgage into one closing. You save on closing costs and lock terms early.

Question 5

How long does a construction loan term last in California?

Accepted Answer

Most run 12 months. Longer terms exist for complex builds. San Bernardino County permitting delays make longer terms worth asking about.

Question 6

Do I make payments during construction?

Accepted Answer

Yes, interest-only payments on drawn funds. Full principal and interest payments begin after the loan converts to permanent.

Construction Loans in Loma Linda, CA