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New Construction Home Loans A to Z Guide


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In 1993 alone, approximately 523,000 new homes were built in the United States. The reason for that is that financing for new construction is comparatively easy if you take the time to understand the process and prepare yourself and the construction aspects accordingly.

It doesn't matter if you are seeking a loan to construct your first/primary home, a vacation retreat, or your retirement dream cottage, there are a few different ways to approach the loan process and construction.

Construction-to-Permanent Loan

One important factor in the construction loan process is the expected length of time it will take to actually break ground, follow through to completion and receive a certificate of occupancy . If you qualify for a Construction-to-Permanent loan you will need to choose the initial term of the loan carefully. Will six, nine or twelve month terms best suit your construction schedule and budget? This can all be determined after you have settled on your design, contracted a construction firm and had them commit, in writing, to the period of time it will take to construct you home. You will need to know how and when you will disburse payments for the contractor (any subcontractors if this applies) and building materials so that your construction schedule is met and work moves along undisrupted.

While the house is being constructed you only have to make contributions towards the interest on your loan. Once the house is certified for occupancy, the loan will revert to standard payments for interest and principal.

What to Know and Expect and How to prepare for the loan and Construction Periods, as Well as Occupancy:

  1. The lender will want to see all of the architectural drawings and plans, the zoning and construction permits and iron clad contracts from the general contractor and subs that have bid to build the house. If you are going to be the general contractor yourself you will need to provide the mortgage company with your schedule of costs, and subcontractor's contracts, along with the plans. You will also have to show proof of an insurance policy that will be in effect during construction to protect you from loss and liability during the construction phase. Possibly a completion bond, too.

  2. A Title Company, or possibly an Attorney, will be the one to handle the disbursement of funds during the construction phase.

  3. Each and every time you require funds for disbursement there is the need for an on-sight inspection, by an appraiser, to confirm the work has been completed according to schedule and cost and thus validate your request. The draw schedule is provided to you at the time the loan closes.

Note: The origination, closing, legal fees and insurance premiums are all paid at the time of closing.

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