NEW CONSTRUCTION MORTGAGES
There are great perks to building your own home; however, financing a home construction project is more complicated than buying an existing home.
Instead of competing to buy an existing house, you might consider building a new home.
NEW CONSTRUCTION LOANS
We offer Conventional, FHA, VA & USDA One-Time-Close (OTC) programs. With these construction loan programs borrowers can finance the construction, lot purchase, and permanent loan into a single loan.
Note that we also offer a variety of renovation loans programs. These products can be an ideal fit for individuals looking to purchase a distressed property or a home in need of updates where the borrower can finance the cost of repairs and updates into a single purchase loan.
Pros of New Construction mortgages
You don’t pay for premium features you don’t want, like a finished attic or wall-to-wall carpeting
You may get more value for money because you get the layout you desire
Maintenance and repair costs will be low for the first 7 to 10 years. Minor repairs get covered under your home warranty, and you usually have a one- to ten-year builder warranty
Cons of New Construction mortgages
Delays from improperly structured contracts
Delays from changes to the construction plan
Delays because materials were delivered late
Who should get one?
Succeeding in building your own home requires a strong team. Your builder and your lender will be key members of this team. They can make your dream home a reality.
Select your builder and lender carefully, and you’ll have a great chance to build the home you want within your budget.