Finance
In Idaho, a 'construction loan' is typically what type of financing?
AA permanent 30-year mortgage issued before construction begins
BShort-term financing for construction that is converted to a permanent mortgage upon completion✓ Correct
CA government loan for affordable housing construction
DA loan using the land as the only collateral
Explanation
A construction loan is short-term financing that funds the building of a property, with draws released as construction milestones are met. Upon completion, it is typically converted to (or replaced by) a permanent mortgage.
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