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New Home Construction Financing

New Home construction financing is my specialty. New Home construction financing allow you to purchase the lot, fund the construction of your home using a new home construction financing product combined with your permanent loan and close only once, saving substantial money in closing costs.

I am a mortgage broker specializing in new home construction financing and represent 24 of the largest construction lenders. As a new home construction financing broker, I work for my client and not the new home construction financing lender, taking time to understand your situation and placing your new home construction financing with the lender who matches your needs. I give you unbiased advice and support throughout the process. New home construction financing is a specialized product and most brokers do not have the experience to guide you through this complex process. This is basic new home construction financing information but please call to discuss your individual project. At a fundamental level, new home construction financing offer two types of product characterized by how they base interest rates during the construction phase. I refer to these approaches as “One Step” and “Two Step”. Email any questions on new home construction financing

 This page is focused on new home construction financing, if you are interested in 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.

Several products include:

  • New Home Construction Financing Single Rate. "One Step" program protects you against increasing rates and extended lock fees. Interest only fixed rate during construction and modifies into a permanent loan after construction.

  • New Home Construction Financing Prime Rate Based. "Two Step" program allows you to borrow up to 95% of your total cost for a Principal Residence. Based on the Prime Rate during the construction period with interest only collected on funds disbursed. . 

  • Lot Loans. Designed for those who found the perfect lot but are not ready to build.

  • Stated Income construction loans are now available and are wonderful for the self employed or anyone with difficult to document income or asset situations.

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 loan fees.

I have also included information on the specialized areas of log home, modular home, or timber frame home building.

I have detailed information on extended interest rate locks with a float down option. 

I have a page on calculating mortgage ratios.

If you are not ready to build but have found the perfect lot. The new Purchase Plus Lot Loan can save you a great deal of money.