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Most people can’t afford to design and build their own home or pay for major renovations out of pocket, which is why many lenders offer construction loans — shorter-term loans used to finance construction/rehabilitation of or addition to a residence. Here is Bankrate’s guide to the best construction loan lenders in 2023.

Best construction loan lenders

Cardinal Financial

Availability Available in all U.S. states
Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate; rate-and-term refinancing
Credit requirements 580 for conventional loans, 550 for FHA loans
Down payment minimum Varies
Where to find Online only

 

 

Cherry Creek Mortgage

Availability Available in 43 states; not available in Alaska, Hawaii, Massachusetts, New York, Rhode Island, Vermont, Virginia and Washington, D.C.
Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; reverse mortgage
Credit requirements 620 for conventional loans; 700 for jumbo loans; 620 for FHA loans; 620 for VA loans; 640 for USDA loans
Down payment minimum Varies
Where to find Online or in person

 

Garden State Home Loans

Availability Available in Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia.
Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity loan; construction and renovation loans; debt service coverage ratio (DSCR) loans; non-QM
Credit requirements 640 for conventional loans
Down payment minimum Varies
Where to find Online or in person

 

LowRates.com

Availability 48 states (not Georgia or Massachusetts)
Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; investment property; reverse mortgage
Credit requirements 620 for conventional loans; 620 for jumbo loans; 500 for FHA loans; 500 for VA loans
Down payment minimum Varies by loan type
Where to find Online

 

NBKC Bank

Availability All U.S. states
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans
Credit requirements 620 for conventional loans; 680 for jumbo loans; 620 for FHA loans; 620 for VA loans
Down payment minimum Varies by loan type
Where to find NBKC has just a few branches.

 

Reliant Home Funding

Availability Available in Colorado, Connecticut, Delaware, Florida, Georgia, Louisiana, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington and Washington, D.C.
Loans offered Conventional, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; construction and renovation loans; flex-term; reverse mortgage
Credit requirements 620 for conventional loans; 500 for FHA loans; 700 for adjustable-rate mortgages; 620 for renovation loans
Down payment minimum Varies by loan type
Where to find Online or by app

 

 

U.S. Bank

Availability All states
Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; investment property; interest-only
Credit requirements 620 for conventional loans; 740 for jumbo loans
Down payment minimum Varies by loan type
Where to find Online or at branches

 

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