Construction Loans for Hiring a Builder in New York

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Construction Loans for Hiring a Builder in New York

Program: This program is designed to provide a construction loan to a Borrower who is hiring a licensed General Contractor to build a custom home on a residential lot.

Construction loans for hiring a builder in New York — Normandy provides financing for borrowers hiring a licensed General Contractor to build a custom home. Whether your project is in New York City (all five boroughs), on Long Island, or Upstate, our builder construction loans are designed for single-family construction on owner occupied and non-owner occupied properties.

New York’s construction landscape — from NYC’s strict DOB code enforcement to Long Island’s coastal wind and flood requirements and Upstate New York’s frost-line foundation rules — makes hiring a licensed general contractor essential for navigating local code compliance across the state.

Custom home builder loans through Normandy cover conforming loan amounts up to $832,750 at 90% LTC and jumbo amounts to $5,000,000 at 80% LTC. Land purchase may be included. Foreign nationals are eligible. Pre-qualification is typically completed in 3 to 5 business days.

Call 800-390-7536 or visit https://normandy.com/hiring-a-builder-loan/ for construction loans for hiring a builder in New York. All Normandy loan programs: https://normandy.com/.

General Guidelines*

  • Loan amounts from $95,000 to $5,000,000
  • Conforming loan amounts up to $832,750. Maximum 90% loan to cost or loan to value, whichever is less
  • Jumbo loan amounts from $832,751 to $5,000,000. Up to 80% loan to cost or loan to value, whichever is less
  • Cross collateralization allowed on other properties for maximum or greater loan amounts, and loan to values
  • Owner occupied and non-owner occupied properties allowed
  • Full income documentation required to qualify for 90% on conforming loan amounts and 80% on jumbo loan amounts
  • Land purchase may be included in the construction loan
  • Foreign Nationals are eligible for this program
  • Deal directly with the Loan Officer/Underwriter
  • Pre-qualification typically within 3 to 5 business days, closing typically within 30 days (fast track closings in 14 +/- days available if certain criteria is met, please call for details)
  • Licensed General Contractor required
  • No minimum FICO required for consideration, however a minimum 750 mid FICO score is required to qualify for 90% conforming & 80% jumbo construction loans (subject to underwriting)
  • Flexible draw schedules aligned with builder’s schedule
  • Up to 80% allowed on 2 to 4 family owner-occupied homes
  • 5+ units, please refer to [Commercial Construction](https://normandy.com/construction-loans/)
  • 12 month construction term with term extensions available
  • Interest only payments based on funds advanced

*All rates and terms subject to change without notice
**Specific qualifications are required to qualify, please call for details

For a Rate and Fees quote call

800-390-7536

PRE QUALIFY NOW (Consumer Use Only)

New York Construction Market & Regulatory Overview

New York offers one of the most diverse residential construction markets in the country — from dense urban infill and brownstone renovation in New York City to suburban new construction on Long Island and in Westchester, and rural custom building throughout the Hudson Valley and Upstate New York.

Building Code: New York State Uniform Fire Prevention and Building Code, plus the NYC Construction Codes within the five boroughs.

Permitting: Permits are issued through local municipal building departments outside New York City; within the five boroughs, permits go through the NYC Department of Buildings (DOB). Construction must comply with the applicable state or NYC code depending on location.

Key construction considerations in New York include cold winters and frost-line foundation requirements Upstate, coastal storm exposure on Long Island and in NYC’s outer boroughs, and dense urban construction constraints within New York City. Normandy’s underwriting team works directly with borrowers — you deal with the loan officer and underwriter, not a call center.

Contractor & Licensing Requirements in New York

Outside New York City, contractor licensing requirements are set at the county or municipal level — Westchester, Nassau, and Suffolk Counties each maintain their own licensing boards. Within NYC, contractors must be licensed by the NYC Department of Consumer and Worker Protection (DCWP) for home improvement work.

Owner-Builder Note: New York allows owner-builders to act as their own contractor for a primary residence in most jurisdictions outside NYC, though local building departments should be consulted directly. Within New York City, owner-builder rules are governed separately by the DOB.

Loans Available in the Following States

Owner Occupied

Loans available for owner occupied properties in the following states:

  1. California (CA)
  2. Connecticut (CT)
  3. Delaware (DE)
  4. Florida (FL)
  5. Iowa (IA)
  6. Massachusetts (MA)
  7. Michigan (MI)
  8. North Carolina (NC)
  9. New Jersey (NJ)
  10. New York (NY)
  11. Oregon (OR)
  12. Rhode Island (RI)
  13. Virginia (VA)
  14. Washington (WA)

Non-Owner Occupied

Loans available for non-owner occupied properties in the following states:

  1. Alaska (AK)
  2. Alabama (AL)
  3. California (CA)
  4. Colorado (CO)
  5. Connecticut (CT)
  6. Delaware (DE)
  7. Florida (FL)
  8. Georgia (GA)
  9. Hawaii (HI)
  10. Iowa (IA)
  11. Idaho (ID)
  12. Indiana (IN)
  13. Kansas (KS)
  14. Kentucky (KY)
  15. Massachusetts (MA)
  16. Michigan (MI)
  17. Maryland (MD)
  18. Maine (ME)
  19. Mississippi (MS)
  20. Missouri (MO)
  21. Montana (MT)
  22. North Carolina (NC)
  23. New Jersey (NJ)
  24. Nebraska (NE)
  25. New Mexico (NM)
  26. New York (NY)
  27. Ohio (OH)
  28. Oklahoma (OK)
  29. Oregon (OR)
  30. Pennsylvania (PA)
  31. Rhode Island (RI)
  32. South Carolina (SC)
  33. Tennessee (TN)
  34. Utah (UT)
  35. Virginia (VA)
  36. Washington (WA)
  37. West Virginia (WV)
  38. Wyoming (WY)

Frequently Asked Questions — Construction Loans for Hiring a Builder in New York

Add FAQPage JSON-LD schema using these Q&A pairs for FAQ rich results in Google Search.

Q: What are construction loans for hiring a builder in New York?

A: Construction loans for hiring a builder in New York are short-term loans financing new home construction managed by a licensed General Contractor. Normandy disburses funds in draws as milestones are completed. Interest-only payments apply on advanced funds.

Q: What are builder construction loans in New York?

A: Builder construction loans in New York through Normandy fund construction tied to inspection milestones, with draw schedules aligned to the builder’s schedule. Conforming amounts up to $832,750 at 90% LTC; jumbo amounts to $5,000,000 at 80% LTC. A licensed General Contractor is required.

Q: What are custom home builder loans in New York?

A: Custom home builder loans in New York are designed for owner-occupied and non-owner occupied construction with a licensed GC. Loan amounts from $95,000 to $5,000,000. Land purchase may be included. Pre-qualification typically completed in 3 to 5 business days.

Q: How do I qualify for construction loans for hiring a builder in New York?

A: To qualify, borrowers generally need a residential lot (or land can be included), a licensed General Contractor, and full income documentation for maximum LTV. No minimum FICO is required for consideration; a 750 mid FICO is required for maximum LTC programs.

Q: Are builder construction loans available to foreign nationals in New York?

A: Yes. Normandy’s builder construction loans and custom home builder loans in New York are available to foreign nationals, subject to underwriting requirements. Call 800-390-7536 to discuss documentation requirements.

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Normandy Corporation

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