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Metro Detroit • 31 mortgage lenders profiles
Construction Loans in Metro Detroit
Compare verified lenders for new home construction, major additions and ground-up builds in Metro Detroit. Request a consultation and build with confidence.
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31Mortgage Lenders profiles
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Featured construction loans pros
Top Construction Loans Pros in Metro Detroit
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Before you hire
Construction Loans in Detroit: what to expect
A construction loan in Detroit pays for building a new home or a major addition, releasing money in draws as work is completed. Buyers building infill homes on city lots, or new construction in growing suburbs like Canton, Macomb Township and Brighton, use them to fund the builder until the home is finished.
The most common setup for a homeowner is a construction-to-permanent loan: one closing, interest on what has been drawn during the build, then it converts to a regular mortgage. A construction-only loan needs a separate mortgage at the end. Either way, the lender approves your builder, plans, budget and schedule, and orders inspections before each draw.
Your builder must pull a building permit from the local building department, BSEED in Detroit. For smaller rehab work, a renovation loan may fit better. Compare Metro Detroit mortgage lenders and line up general contractors early.
What a good engagement includes
- Review of plans, specifications, budget and construction contract
- Builder approval, including license and insurance checks
- An as-completed appraisal based on the plans
- A draw schedule tied to inspections of completed work
- Title updates to protect against liens as draws are paid
- Conversion to permanent financing or a clear payoff plan
- Written disclosures of how rates are set during and after the build
What drives the fee
- Total project cost and your down payment or land equity
- One-time close construction-to-permanent versus two closings
- Builder experience and the detail of the budget
- Credit score, income and reserves for delays
- Build length and interest paid on drawn funds
- Inspection, title update and draw fees
- Rate lock options for the permanent phase
Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.
Licensing and disclosures in Michigan
Michigan licenses mortgage brokers, lenders and servicers through DIFS (the Department of Insurance and Financial Services), and individual mortgage loan originators need their own license unless an exemption applies. Banks and credit unions are exempt from the state company license, and their loan officers are registered in NMLS instead. Either way, the NMLS ID must appear on applications and ads: look it up on NMLS Consumer Access.
Michigan residential builders must hold a residential builder license from LARA, and most lenders will verify it along with the local building permit before releasing draws. In Detroit, permits are issued by BSEED.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Ask each lender whether it offers a one-time close.
- Compare how draws are requested, inspected and paid.
- Confirm how the rate is set for the permanent loan.
- Ask what contingency or reserves the lender requires.
- Check the lender on NMLS Consumer Access and the builder on the LARA license lookup.
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Common questions
Construction Loans FAQ
The lender approves your plans, builder and budget, then pays the builder in draws after inspections. You typically pay interest on drawn funds until the home is finished and the loan converts or is refinanced.
Costs depend on the project budget, your down payment, credit, build length, and inspection and draw fees. Ask lenders for written disclosures and compare them.
Some lenders allow it with experience, but many require a licensed builder. Ask before you design around it.
Not always. Many construction loans can include the lot purchase, and land you already own can count toward your equity.
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Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.