Finance
A construction loan in Montana typically:
AHas a fixed 30-year term from the start
BIs a short-term loan disbursed in draws as construction progresses, then converted or repaid✓ Correct
CRequires no down payment
DIs automatically guaranteed by FHA
Explanation
Construction loans are short-term financing that fund building construction through periodic draws. They are typically converted to a permanent mortgage upon completion or repaid from permanent financing.
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