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

  • Cost overruns

  • Weather delays

  • 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.