[et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” background_color=”#095129″ background_enable_image=”off” custom_padding=”32px||32px||true|false” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_text_color=”#ffffff” header_text_align=”center” header_text_color=”#FFFFFF” text_orientation=”center” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”32px||32px||true|false” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” custom_css_free_form=”selector {|| display: flex;||align-items: center;||justify-content: center;||}” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
New construction loans differ from regular purchase money or refinance home mortgages in the way the loan amount is calculated and the way it is structured.<\/p>\n
Before calculating the new construction loan amount, we need a basic budget. The main components of construction loans that are included in the budget are:<\/p>\n
Regular purchase money or refinance mortgages are based on Loan to Value Ratio (LTV). Where as, construction loans are based on LTV as well as Loan to Cost Ratio. Further more, in a normal mortgage the closing costs are added after calculating the Loan to Value, whereas a construction loan usually includes the closing costs.[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/classicmortgagellc.com\/wp-content\/uploads\/2025\/01\/house-img3.jpg” title_text=”house-img3″ _builder_version=”4.27.4″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” background_color=”#f0eee5″ custom_padding=”32px||32px||true|false” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]Construction Loans are further complicated by the fact that each investor\/lender calculates the numbers differently. The problem most applicants of construction loans face is they get an 11th hour call informing them that the final loan amount as calculated by an underwriter is insufficient to meet the borrower\u2019s needs. We will do our best to work with you in avoiding any of these \u201clast minute\u201d unpleasant surprises.<\/p>\n
Our familiarity with the guidelines of construction loans offered by most major institutions makes it possible for us to choose the program that best suits you and your project. In fact, since we are approved brokers with all these investors, the cost of the loan to you is generally better than if you had applied directly.<\/p>\n
Don\u2019t forget, New Construction Loans are a specialized field. As such, we assign you an expert consultant from the moment you apply. We will work with you from the very beginning until the funding day, making the process smooth and seamless.[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” background_image=”https:\/\/classicmortgagellc.com\/wp-content\/uploads\/2025\/01\/request-quote-bg.jpg” custom_padding=”32px||32px||true|false” hover_enabled=”0″ global_colors_info=”{}” title_text=”request-quote-bg” sticky_enabled=”0″ da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” background_color=”#000000″ custom_padding=”60px|60px|60px|60px|true|true” global_colors_info=”{}”]<\/p>\n
If you are interested in finding out more about our mortgage products, or to request a quote, give us a bit more information so we can contact you.<\/p>\n