Construction Loan and current Mortgage

[Katina Stewart]

I'm looking to get a construction loan that I will later turn into a permanent mortgage loan.  However, I'd like to stay in my current home, which I have a mortgage, until the construction is complete.  Nearing completion I want to place my current home on the market.  What's the best option to do this in order to stay in my home until construction is near completion?  Can I even get approval for a construction loan while I have a current mortgage?  I really don't want to sell my current home and stay in a rental until completion.  

[Tim Johnson]

Yes you can do that.  You have to qualify for both loans at the same time.  This is very common and happens all the time.

Look at one time close lenders, they wrap the construction loan and the end loan together.