Call Toll Free 866-211-3344

Building in Idaho: Your Dream Home Awaits

Building in Idaho: Your Dream Home Awaits

Looking to build on your Idaho land, the location you choose to move your growing family because of the safe and clean living, or you\'ve chosen the place to retire with the many fishing, boating, and cultural activities designed for the active seniors. Whatever your reason for investing in that land, building your future home can be easy and trouble free if you know what will be required for your construction loan.

You\'ll want to consider the two different types of residential construction loans in Idaho. A basic construction loan is just that. There are different construction loan rates in Idaho so you\'ll want to contact your loan broker to find out which will best fit your budget and meet your expectations for the national financial trends. Do you want a conventional construction loan or do you think an adjustable rate loan will be better or more obtainable depending on your credit history.

The second type of loan available is a construction to permanent loan. This option may be a better choice for someone that is looking to convert their construction loan to a mortgage loan. With one application, once your home is completely built and ready to be occupied, your construction loan will automatically convert to a mortgage.

You do need to already own that piece of land to acquire Idaho construction loans to commence with your dream home. Your resident construction loan broker will provide you with the list of documents and your credit history to determine what preliminary planning you must complete and submit with your application for approval. Your credit history will help you determine your loan rates available and if there is something you can do to improve your credit score prior to submitting your application.

You will have to hire a building contractor prior to your application submission. You\'ll want to ensure the contractor is approved by the construction licensing board and is allowed to build in Idaho. One that is very familiar with the building codes and permitting requirements will be in your favor during the building process. The contractor will be able to provide you with a complete budget of costs including permitting costs. This estimate must be submitted with your loan application, along with the house plans that the contractor used to estimate their costs.