What are Alt Doc Construction Loans and How Do They Work?”

Exploring the Different Types of Alt Doc Construction Loans: Which One is Right for Your Situation?

Alt doc construction loans, also known as alternative documentation construction loans or low doc construction loans, are designed for borrowers who may not be able to provide the traditional documentation required for a conventional construction loan. These loans are typically offered to self-employed borrowers, or those with complex or non-traditional income structures. At Mortgage Street, we understand the needs of these borrowers and offer Progressive products that include alt doc construction loans.

One of the main advantages of alt doc construction loans is the flexibility they offer. These loans may have less stringent documentation requirements, which can make the process of obtaining a loan quicker and easier. Furthermore, alt doc construction loans can also have more flexible terms and conditions, which can make them a good option for some borrowers.

However, alt doc construction loans also have their disadvantages. They may have higher interest rates, due to the increased risk for the lender. Additionally, alt doc construction loans may have stricter lending criteria, which can make it harder for some borrowers to qualify.

At Mortgage Street, we offer Progressive products that include alt doc construction loans. We understand that construction loans can be complex and confusing, which is why we’ve put together a guide to exploring the different types of alt doc construction loans: Which one is right for your situation? If you’re interested in finding out more about alt doc construction loans and how they may benefit you, reach out to a Mortgage Street accredited mortgage brokers who will be happy to assist you with your specific needs and provide the best options available to you.