¿Qué son los préstamos para construcción y cómo funcionan?

If you have a glorious vision for your next home, it might be best to simply build it yourself. While this process can be rewarding, it’s also expensive, and it can be hard to find the necessary funds for labor and materials. Fortunately, many lenders offer private construction loans to help you build your dream house and spread out the cost. 

At Rock Mortgage, we’re here to help you understand what construction loans are and how they work. Keep reading to learn more about these loans and find out whether they’re right for you.

¿Qué es un préstamo para construcción?

Un préstamo de construcción es una suma de dinero que puede utilizar para cubrir el costo de construcción de una propiedad residencial. Estos préstamos se pueden utilizar para pagar materiales, mano de obra, contratación de servicios e incluso terrenos. Existen varios tipos diferentes de préstamos para la construcción, que incluyen:

Préstamo solo para construcción

Un préstamo solo para construcción es un préstamo con tasa ajustable a corto plazo que se puede utilizar para construir una casa o completar la construcción de una. Por lo general, el préstamo dura tanto como la construcción y, una vez que se completa la residencia, se debe pagar el monto total del préstamo. Alternativamente, el prestatario puede refinanciar el préstamo convirtiéndolo en una hipoteca.

Préstamo de renovación

A renovation loan can cover the costs of major expansions or improvements to a home. This is best if you’re planning to add a garage, pool, or extra room and is similar to a traditional mortgage. The loan amount is generated based on the final value of the home once the renovation is complete. 

If you’re buying a house that needs a lot of work, this might be the right choice. A slight variation of this is a rehabilitation loan, which covers the costs of making a building fit for habitation.

Préstamo de construcción propietario-constructor

Owner-builder loans are intended for professional construction contractors who want to build their own homes. If this sounds like you, consider an owner-builder loan. In order to qualify, you’ll have to provide your professional certifications.

Préstamo de construcción a permanente

Estos préstamos están estructurados para que pasen a una hipoteca tradicional tan pronto como se complete la construcción. Este modelo agiliza la proceso de obtención de una hipoteca y puede ayudar a los propietarios a fijar sus tasas hipotecarias y ahorrar tiempo y dinero.

¿Cómo funcionan los préstamos para construcción de viviendas?

Construction loans work much differently than other types of loans you might be used to. When you apply for a construction loan, you’ll probably have to submit a construction plan and schedule. While the home is being built, you’ll make interest payments, and the loan will act much like a line of credit. 

As soon as you complete a certain phase of construction, there will be a “draw” on the loan that will go to paying the contractors. Instead of you receiving the entire lump sum at once, the contractors will receive loan funds in segments as the project progresses.

Cómo obtener un préstamo para construcción

Solicitar un préstamo para la construcción is often more involved than applying for other types of loans. You’ll need to submit some additional materials to the lender so that they can validate your plans and allocate funds on the right timetable. Although terms will vary by lender, these are the basic requirements for getting a construction loan:

• Ingresos adecuados: El prestamista verificará que usted tenga ingresos suficientes para liquidar el préstamo una vez que finalice la construcción. Para demostrar sus ingresos, es posible que deba presentar recibos de pago, extractos bancarios y otros documentos.
• Buen crédito: If you don’t have buen crédito, it’s going to be pretty hard to get a construction loan. Most companies will look for a credit score of at least 680, and some may look for a score over 700.
• Un pago inicial: Los préstamos para construcción generalmente requieren un pago inicial considerable de al menos 20%. La fracción exacta dependerá del prestamista y de su historial crediticio.
• Documentación del proyecto: As we mentioned before, your lender will want to know as much as possible about your plans before approving you for a loan. It’s important to provide construction contracts, blueprints, itemized budgets, and a complete construction schedule to arrange draws.
• Aprobación del contratista: Your lender will have to verify that you’re working with certified contractors during your project. They may ask you for their licenses, resumes, and insurance documents, as well as an overview of their responsibilities.

That’s a quick overview of construction loans and how they work. If you’re ready to build your dream house, we hope you’ll consider Rock Mortgage. Good luck with your projects and we hope to see you soon.