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Building Your Dream Home

Construciton Loans to build your dream home

Have you been dreaming of building your own home? There are many great options for buyers who are looking for construction loans. Below is a brief overview of loan programs for you to choose from.

You Own the Land Already

Good news if you have been holding onto a lot to build your dream home on. Whether you own it free and clear or have a mortgage on your lot you can apply for a construction loan today. One of the most popular loans is called the “Construction – Permanent loan”. This loan allows you a specific amount of time to complete the construction of the home with an interest only payment option. After the home is completed the loan then rolls over to a 30-Year fixed rate, usually the 60-Day FNMA at the time you close. You can ask me about extended lock periods if you would like that option. The great news is there is no need to obtain a take out loan. You will only pay one set of closing costs. This option can save you thousands of dollars in loan fees!

You want to buy the Land and Build with one Loan

You can now purchase your lot, build the home and get your final 30-Year loan all in one shot. This will save you thousands of dollars in loan fees. This loan option usually requires 10% down payment from your cost breakdown. Most lenders also want you to use a licensed general contractor rather than owner/builder, unless you have experience. Call me for details. I can review your specific situation and submit your loan today.

When applying for construction loans keep in mind that construction loans are more time consuming and require additional paperwork. The contractor you choose should be familiar with most of the requested documentation and will assist you in obtaining the necessary permits to start construction. Building your dream home is easier than ever before. If you would like more information on construction loans please contact me for specific details and a construction package.

I look forward to working with you. Call me today.