Best of
6 Best Construction Mortgage Lenders of 2020
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.
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
Last updated on June 29, 2020
Methodology
NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. 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: Best for flexible terms
