New Home Construction Financing
New Home construction financing is my specialty. New Home construction
allow you to purchase the lot, fund the construction of your 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
construction financing and represent 24 of the largest construction
lenders. As a
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
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,
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
This page is
focused on new home construction financing, if you are interested in renovating an existing
home please go to my renovation
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:
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"
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. .
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
I have a list of documentation needed.
There is a page detailing construction
I have also included information on the specialized areas
of log home, modular
home, or timber frame home
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.