A Construction Loan funds the building of a new home and comes in two types, owner-builder and contractor, with these features:
- Low, fixed rates
- One time close.
The general contractor coordinates everything from the budget to hiring subcontractors, requesting inspections and obtaining building permits. Most property owners choose to hire a professional to serve as the general contractor. But, you can choose to be the general contractor. This is called an owner-builder and gives you the freedom to manage the build on your own and manage every detail.