BEST OF
6 Best Construction Mortgage Lenders of 2020
Construction loans aren't offered by every mortgage provider. We've chosen home construction lenders that rank among the best in several categories.
Due to the coronavirus pandemic, getting a construction loan may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees or temporarily suspended certain construction loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.
Building a house or buying a new house that's currently under construction, rather than buying an existing home, provides an opportunity for some personalization — at the cost of a certain degree of difficulty. There are options to consider when financing the building phase, as well as for putting a permanent mortgage into place.
Finding an experienced and accommodating new construction lender is essential. NerdWallet has chosen these construction mortgage lenders as standouts.
Due to the coronavirus pandemic, getting a construction loan may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees or temporarily suspended certain construction loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.
Building a house or buying a new house that's currently under construction, rather than buying an existing home, provides an opportunity for some personalization — at the cost of a certain degree of difficulty. There are options to consider when financing the building phase, as well as for putting a permanent mortgage into place.
Finding an experienced and accommodating new construction lender is essential. NerdWallet has chosen these construction mortgage lenders as standouts.
Summary of Best Construction Mortgage Lenders of 2020
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for flexible-use construction loans | 620 | 3% | Read review | |
Best for flexible-use construction loans | 620 | 3% | Read review | |
Best for customer convenience | 620 | 3% | Read review | |
Best for face-to-face service | 620 | 3% | Read review | |
Best for face-to-face service | 620 | 3% | Read review | |
Best for flexible terms | 620 | 3% | Read review |
HomeBridge: NMLS#6521
Min. Credit Score
Min. Down Payment
TD Bank: NMLS#399800
Min. Credit Score
Min. Down Payment
PrimeLending: NMLS#13649
Min. Credit Score
Min. Down Payment
US Bank: NMLS#402761
Min. Credit Score
Min. Down Payment
Wells Fargo: NMLS#399801
Min. Credit Score
Min. Down Payment
BB&T (Truist): NMLS#399803
Min. Credit Score
Min. Down Payment
Last updated on June 29, 2020
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's Best Construction Mortgage Lenders of 2020
- HomeBridge: Best for flexible-use construction loans
- TD Bank: Best for flexible-use construction loans
- PrimeLending: Best for customer convenience
- US Bank: Best for face-to-face service
- Wells Fargo: Best for face-to-face service
- BB&T (Truist): Best for flexible terms
