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Lauren a rehab loan or construction loan are usually one and the same product, but their are different programs. The interest rates for a one lose construction loan usaully run 1% higher than a standard mortgage rate, so today they are running at 7%, thjis would be a 30 year loan giving you up to 9 months to complete the construction.
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A Beginner's Guide to Home Construction Loans | Student Loan Hero – Since it’s a variable-rate loan, those interest-only payment amounts can increase or decrease during construction. When construction has finished, the lender will likely give you the option to pay off the loan or convert your unpaid loan amount into a traditional home mortgage. Different types of home construction loans
Home sales fell in April despite a big drop in mortgage rates – A sizable drop in mortgage interest rates didn’t do much to help home sales in April. Existing sales make up about 90% of the total sales market, as new construction continues to lag historically.
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