Benefits of a New Construction Loan
Building a new home can be an exciting time, and it comes along with many decisions such as paint colors, fixtures, number of rooms, and more. Financing new construction comes with a variety of options as well. It is important to discuss how these wonderful program benefits align with your goals.
Benefits of a New Construction Loan
For the borrower who wants a move-in ready option with features to match their desired taste
Construction To Permanent Loan
We offer options for a construction loan followed by a permanent loan.
Option For No Money Down
We offer no down payment options for Veterans, first time home buyers, and move up buyers.
Build Your Dream Home
A new construction loan can help you finance the build of a custom home.
Experienced Loan Originators
New construction loans can be very complex. Our team will guide you through the complexity with ease.
Your home buying journey begins here.
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Mortgage Loan Officer to review which loan is the best option for you.
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Frequently Asked Questions
1. Is there a way to buy a new construction loan with no money out of pocket?
There is, covering the purchase price is key which can be done with no money down USDA or VA home loans. An additional option is combining down payment assistance or grants for 100% financing. Although these cover up to 100% of the price, there are also closing costs, the first year of insurance(s), and set up of escrows. Each of these loans allows the seller to pay these costs. So, with the right up-front strategy, the buyer may bring no money to closing and maybe even get the earnest money deposit back at closing.
2. With a new construction home, is there the ability to choose options in the home?
This depends on the stage in which the home is purchased. If the house is already complete, the options are minimal to none. If buying the home in the “buyer preference stage,” then choosing colors, countertops, and flooring could be options. Finally, if buying before construction, everything is on the table as long as the buyer qualifies and property appraises for a sufficient amount.
3. Can I get approved for a mortgage loan up-front prior to construction?
Yes, we will fully underwrite your file for credit, income, assets, and even a “subject to appraisal” so that both the buyer and builder have confidence in closing once the home is complete.
You’re in the driver’s seat, we’re here to help.
Lending Redefined means you can get started on your schedule, in the way that works best for you.
Three great options for starting: