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JD MORTGAGE® connects you with lenders who want to help you build a new home or renovate an existing property. We find the lenders that offer terms specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your construction financing needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Nevada is a state located in the western part of the United States, and is famous for Las Vegas and its casinos. The state has a population of over 3 million people, and is known as the “Silver State” because it was once one of the largest producers of silver in the world. Nevada’s economy is largely dependent on tourism. However, its mining industry also contributes significantly to its economy.
With so much affordable land in the state, many people have been considering building new homes in the state. In fact, during the pandemic homebuyers began flooding into the state setting records for the number of homes under construction according to Nevada Business. Real estate experts in the state have pegged the cost to build in Nevada at around $100 to $155 per square foot, making it an attractive option for people who want a custom home. Maybe you find the perfect property on NMLS, but don’t want or need to find an equal housing lender or go through a traditional mortgage process.
To build a custom home, many people turn to a construction loan so that they can access funds to pay contractors and builders during the various stages needed to construct a home (e.g. foundation, framing, plumbing, etc.). For short-term loans to help you work with a home builder to get the perfect place, a construction loan might be the answer you need. Compared with using money on credit cards, seeking out a fixed-rate mortgage loan from a bank or credit union, applying for a refinance, or tapping into lines of credit. However, these are not your only options. If you really want to build your dream home, it’s better routing your energy and interest to a construction loan application process.
If you’re considering a construction loan, the rest of this article will discuss the advantages and disadvantages as well as list some of the best construction loan lenders in the state.
There are many benefits to getting a Nevada construction loan for borrowers. If you’re interested in building a new home, a construction loan will keep you from worrying about selling your existing home before the new construction is finished. In other words, you stay in your current home or apartment during the duration of the construction and only move in once everything is complete.
Plus, a new construction loan allows you more control over what goes into your home because instead of buying an existing house with pre-existing flaws that might need fixing down the road, you build something just for you from scratch. You’ll be able to choose exactly what kind of finishes go into your house and the layout and size of rooms.
One downside of a construction loan is that the whole process can be intimidating for people who haven’t built a house before. You will have to manage architects, builders, inspectors and various other contractors, which is why it makes sense to partner with a bank that has a lot of experience in financing home construction. If you’re interested in taking out home construction loans, make sure you research loan rates, loan amount limits, and credit score requirements with individual lenders to find the best fit.
Finding the a construction lender in Nevada can be a daunting task. Read on to find the best construction loan lenders that cater to your building or renovating needs.
Wintrust Mortgage is one of the top 20 bank-owned retail mortgage originators in the country that originates in excess of $4 billion in loans annually in all 50 states.
Recently we asked Wintrust Mortgage to provide us with details on their construction loan and this is what they said:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
US Bank is a large lender with a solid construction loan option. They can’t work with owner-builders, investment property, or manufactured homes, but if you fall outside of that category (e.g. a primary residence or a second home), then you may like the options.
We reached out directly to US Bank to get details on their program and this is what we heard back:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
Nevada State Bank operates branches and officer in 20 communities across Nevada and has been in business since 1959. They offer a full suite of banking services and products for both individuals and businesses, including a construction loan for those looking to build or renovate a home.
We specifically reached out to Nevada State Bank to learn more about their construction loan. Here are the details:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
Washington Federal Bank (WaFd) is a regional bank but has offices throughout the southwest and northwest covering eight states. Based in Washington, they also lend in Idaho and have a construction loan product worth exploring.
We reached out to someone in the Idaho office of WaFd to learn more about their construction loan and here is what they said:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
We found the California Bank and Trust construction loan product specifically interesting because it allows you up to 24 months of construction time, which means that you won’t have to worry about delays in a construction timeline. There are also many other interesting aspects about their program, including financing up to $6,000,000.
We reached out directly to a loan officer at California Bank and Trust to get specific details about their construction loan and here’s what we found:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
Nevada construction loans can be a great way to finance building or renovating your home. They’re also a good option if you want to avoid paying principal on the loan until after the project is complete. If you’re thinking about getting a construction loan, there are a couple of important questions that you should ask yourself:
Is your credit score good enough? If not, consider getting pre-approved before starting your search. You’ll get an idea of what kind of interest rate you can expect and whether or not lenders think they’ll be able to lend money to someone with your current score.
Can you afford the monthly payments after completion? It’s easy to get caught up in the excitement of buying something new and forget about what it will actually cost every month when it’s done. Make sure you take into account all of the costs associated with owning a home, such as insurance, maintenance costs, and taxes, before deciding whether or not this type of loan is right for you!
Click on another state to find the best construction loan lenders in that state.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
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