Question 1

How does a construction loan work in Fairfield?

Accepted Answer

You draw funds in stages as construction hits milestones. At completion, the loan converts to a standard mortgage.

Question 2

Do I need a licensed contractor to qualify?

Accepted Answer

Yes. Lenders require a licensed general contractor and approved build plans before they'll approve the loan.

Question 3

What credit score do I need for a construction loan?

Accepted Answer

Most lenders want 680 or higher. Some portfolio lenders go lower, but terms get less favorable below that threshold.

Question 4

Can I lock my rate during construction?

Accepted Answer

Some lenders offer rate locks for 12-15 months. Ask upfront — a rate spike mid-build can change your permanent payment significantly.

Question 5

What is a one-time-close construction loan?

Accepted Answer

One closing covers both the construction phase and permanent mortgage. It saves you a second appraisal and closing costs.

Question 6

How much can I borrow for a construction project in Fairfield?

Accepted Answer

Loan limits depend on the after-completion appraised value and your income. Rates vary by borrower profile and market conditions.

Construction Loans in Fairfield, CA