Ways to Finance Residential Construction Projects

When it comes to building your dream home, there are many details involved. The first, most important detail, is how you will finance your residential construction project.

While mortgages are an option when buying, you’ll likely need something different when building.

What is a construction loan?

A construction loan is a shorter-term, higher-rate mortgage. They can be used to cover the cost of the land, contractor labor, building materials, permits, and more.

There are two types of construction loans

Construction to Permanent: Construction-to-permanent loans provide the funds to build the dwelling and for your permanent mortgage as well. Essentially, you borrow money to pay for the cost of building your home, and once the house is complete, the loan is then converted to a permanent mortgage.

Construction Only: A construction-only loan provides the funds necessary to complete the building of the property. The borrower is responsible for either paying the loan in full at maturity (typically one year or less) or obtaining a mortgage to secure permanent financing.

Factors to Consider

Before you choose your construction loan, important factors to consider:

  • Timeline of the build and factors that can affect it (weather, etc.)
  • Decide if you want to go through the loan process twice and consider the closing costs fees this may add

To qualify for a residential construction project, you’ll need excellent credit, stable income, a good debt-to-income ratio, and funds to support a down payment of at least 20%.

At Rossi Construction, we’re here to help make your dreams a reality! No matter how you choose to finance your construction project, we’re here to guide you. Our Design Build team will seamlessly take you from the concept phase to the final/completed building and everything in between. Our high standards and commitment to excellence ensure a successful outcome for our clients.

Want to learn more? Contact us today by calling 813.426.0177

Online Reviews

Bob Meier
Bob Meier
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They were very professional. Quoted us a time frame and they were exact on the time frame. The were very clean as they cleaned up every night. Any questions I had they were very helpful. Overall a great experience. We plan on using them again if we decide to redo our bathrooms. The kitchen came out very nice and we are very happy with it.
Missy P.
Missy P.
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This company is great. They did an awesome job on our remodel. The quality of work surpasses everything. All project hiccups were professionally handled and solutions came out better than planned. Jason Rossi and his lead foreman on our job Brian Smith are very professional. Brian provided a wealth of knowledge in regards to our entire first floor remodel project. Brian Smith is trustworthy and the quality of his work is impeccable. Job well done JRossi Construction!!
Ed M.
Ed M.
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The work quality was outstanding, the crew friendly and a delight to work with, and they cleaned up after themselves and left the place in great shape! When I remodel my other unit, there is no doubt that Rossi Construction will be doing the work there also. I had an issue with the door quality of the cabinets and Rossi and his crew met with myself, and the Cabinet Representative immediately, and the issue was resolved to My Satisfaction. You can easily tell that Customer Satisfaction is what everyone in the organization is focused on. Great Job and thanks again, Ed.
Beth Lawson
Beth Lawson
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Rossi just remodeled our hall bathroom and kitchen. They are incredibly skilled craftsmen who use the best products. We had two different men lead each project and they were both wonderfully skilled (cabinetry, tile, hardware installation, electric, plumbing, painting, etc.). They are honest, hardworking, on schedule, clean up after themselves, and fix problems. We highly recommend them.
Jeff S.
Jeff S.
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Rossi Construction just finished renovating our veterinary hospital. The entire process from start to finish was flawless. Jason was the only contractor who looked at our space and was able to get a rough quote to us within 24 hours. Everything ran on schedule and within budget, and the final product was beautiful. Our project supervisor was incredibly knowledgeable and easy to work with. I highly recommend this company to anyone looking for construction work in the Tampa area.
Scott N.
Scott N.@username
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The guys from Rossi do great work. We did a complete remodel of two levels of our house (we have a split level). The work included a full redesign of the master suite (took space from the bedroom to make a bigger bathroom and add a walk-in closet, also changed configuration of some windows), full redesign of main level (kitchen, living, and dining space) that included floating a sunken floor and removing walls to open the space, and cosmetic updates to the rest of the bedrooms (new doors, trim, paint, etc.). Only small issues were due to subcontractors, and Rossi made sure everything was brought up to expectation. We're super happy with the result and would not hesitate to use them on future projects.
Adrien Tenor
Adrien Tenor
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I would highly recommend Rossi construction. Jason and his employees were very professional, very conscientious, and definitely went the extra mile to make sure I was happy with the project. If I emailed questions, they were promptly answered. I believe the pricing on the project was very fair. I am recommending them to all my friends. It was a great experience working with this contractor. I would hire them again in a heartbeat.
Jen H.
Jen H.
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Rossi Construction just finished renovating our veterinary hospital. The entire process from start to finish was flawless. Jason was the only contractor who looked at our space and was able to get a rough quote to us within 24 hours. Everything ran on schedule and within budget, and the final product was beautiful. Our project supervisor was incredibly knowledgeable and easy to work with. I highly recommend this company to anyone looking for construction work in the Tampa area.
William D.
William D.@username
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Overall, the remodel went quite well. The workmanship is very good.The crew was very punctual and professional. I found some minor issues that I pointed out to them, and they resolved them to our satisfaction. They could have done a better job with drop cloths in the hallways. There was a fair amount of joint compound that got tracked around on the carpet, and some of the dirt & debris got ground into the carpet. However, I consider this to be a minor issue, and would definitely consider using them again.
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