Building a new home is an exciting journey that allows you to create a space that perfectly matches your vision and needs. At Bluebird Mortgage, we specialize in new construction loans that help make your dream home a reality in Colorado Springs and throughout Colorado.
Construction Loan Benefits
- ✓Single-close construction-to-permanent loans
- ✓Interest-only payments during construction
- ✓Flexible draw schedules
- ✓Competitive rates
- ✓Extended rate locks available
What's Covered
- •Land purchase
- •Construction costs
- •Contractor payments
- •Materials and supplies
- •Permits and fees
The Construction Loan Process
1. Pre-Qualification
We'll review your financial situation and determine how much you can borrow for your new home construction project. This helps you set a realistic budget for your build.
2. Builder Selection
Choose a qualified builder and get detailed plans and specifications for your new home. We can help you understand what documentation will be needed from your builder.
3. Loan Approval
Once we have all the necessary documentation, we'll process your loan application and work towards final approval.
4. Construction Phase
During construction, we'll manage the draw process with your builder, ensuring funds are disbursed according to the construction schedule.
5. Completion
Once construction is complete, your loan will automatically convert to a permanent mortgage with the terms we agreed upon at the start of the process.
Types of Construction Loans
Construction-to-Permanent Loans
A single loan that converts to a permanent mortgage once construction is complete. This option saves you money by requiring only one closing.
Construction-Only Loans
A short-term loan that covers only the construction phase. You'll need to obtain a separate permanent mortgage once construction is complete.
Renovation Construction Loans
For major renovations or additions to an existing home, combining the purchase or refinance with construction costs.
Ready to Build Your Dream Home?
Contact us today to learn more about our construction loan options and start planning your new home. Our experienced team will guide you through every step of the process.