American Mortgage Corporation on Construction Loans

(Newswire.net — October 20, 2016) Burr Ridge, Illinois — As the economy in the United States continues its recovery, construction is booming. New retail centers, office parks, and commercial properties are developing across the country. American Mortgage Corporation, Inc., knows that there are many misconceptions surrounding obtaining a construction loan. “Securing a construction loan for a new house can be a confusing process filled with many questions. A majority of people believe that they are required to have substantial cash in hand and perfect credit to obtain such a loan.” To learn more about the company and its wide range of property loan offerings, visit www.americanmortgagecorporation.com. 

One of the primary misconceptions about construction loans is the need for a substantial down payment. While many mortgage firms and lenders require down payments of 25% or more, AMC have mortgage programs with 3.5% down payments and 0% for US Veterans. Another common misconception centers on property ownership. Many people have been led to believe that they must own the property to build on. With AMC’s construction loan program, buyers can include the purchase of the land along with the construction of the house. As far as credit goes, most loan applicants believe that they must have excellent credit ratings in order to be approved. With a 640 middle score from the 3 credit bureaus, Experian, Trans Union, and Experian, borrowers will meet the credit guidelines for a construction loan. Many customers have had bankruptcies and foreclosures in the past but with mortgage programs AMC offers, they have been able to finance construction loans for these type of situations too.  

Income and debt ratio guidelines are also more lenient than most people think. If a borrower has been in the same field for 2 years, they meet the work criteria. For college graduates, as soon as they get a job in their field of study, they meet the employment guidelines.   

In addition to construction loans, American Mortgage Corporation also provides a wide array of products including traditional fixed-rate loans as well as jumbo or adjustable rate mortgages. A range of home refinancing options are also offered. The company has made a name for itself by providing every customer with the details needed to make informed decisions. AMC strives to give customers the information and the education they need to make their home ownership dreams come true. With a talented staff and many years of combined experience in this field, AMC has been able to provide mortgages to many borrowers who never thought they would qualify for a mortgage. For more information on the company and to view its loan programs, visit www.americanmortgagecorporation.com/loan-programs.php.