Jack Cooper - HCP Mortgage LLC offers construction loans to build your home on your own lot. The loan is set up as a line of credit with the amount needed to build your home. The loan requires interest only payments based upon the amount drawn on the loan. You can have several draws to pay your builder as the construction of the home progresses. Once the home is completed the final draw is issued. The construction loan is then refinanced into a permanent mortgage under one of our many programs available.