Construction Loans
are
currently unavailable
Construction loans are my focus. Construction loans
permit you to purchase the lot, fund the construction of your home
using a construction loans product combined with your permanent loan and close only
once, saving sugnificant closing costs.
Email
construction loans information.
I am a
mortgage broker focused on construction loans and represent 24 of the
largest construction loans lenders. As a construction loans broker, I work for
my client and not the construction loans lender, taking time to appreciate your
situation and placing your construction loans with the construction lender who
matches your needs. I give you unbiased advice and support throughout the
process. Construction loans are a specialized product and most lenders or
brokers do not have the experience to guide you through this complex process.
This is some basic construction loans information but please call to discuss
your individual construction project. At a fundamental level, construction loans
offer two types of product characterized by how interest rates are based during
the construction phase. I refer to them as “One Step” and “Two Step”. Email
construction
loans questions.
This page is
focused on new construction loans, if you are renovating an existing
home please go to my renovation loans page.
If you have owned your lot for 1 year, or if you have documented
improvements to the property, we can use this equity to meet your down payment
requirement or create an interest reserve account.
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Several options include:
-
One Time Close
Construction Loans
Single Rate. "One Step" program protects you against increasing
rates and extended lock fees. Interest only fixed rate during building and
modifies into a permanent loan after construction.
-
One Time Close Construction
Loans Prime Rate
Based. "Two Step"
program allows
you to borrow up to 95% of your total cost for your home. Based on the Prime Rate during the
building period with interest only collected on funds disbursed. Allows a 12 month construction phase.
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Stated Income construction loans are now available and are wonderful for the self employed or anyone with difficult
to document income or asset situations.
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One of my favorite lenders has
reopened their lending department. You can
modify into the incredibly flexible Cash Flow Loan.
I have written a newsletter
covering them, and a construction FAQ
is available.
I have a list of documentation needed.
There is a page detailing construction
loans fees.
I have also included information on the specialized areas
of log home, modular
home, or timber frame home
financing.
I have detailed information on extended
interest rate locks with a float down option.
I have a page on calculating mortgage ratios.
Learn about as completed value
financing
If you have had credit issues in the past, it is absolutely
critical in today's market that they be addressed before you try to get a
mortgage. I have referred my clients to
CreditFX
for the past 5 years. Exceptional customer service and I am often stunned at
what they have been able to have removed from people's reports, allowing my
clients to qualify. Their charge of $199 is one of life's true bargains.
One of the questions I frequently get from my clients is about finding a
qualified and reliable contractor. After a great deal of research, I do
recommend Reliable Remodeler. I have personally used their free service and was
very pleased with the outcome. Please complete their
contractor referral form for up to 4
local pre screened contractors. As a
Certified Mortgage Planning
Specialist, I offer an analysis of
your situation today can make suggestions on how small changes in how
your debt is structured today can have a life changing effect in the years
to come. Read more
about this free, no obligation service.
Prequalify for your
Construction Loans.
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