Have you dreamed of building a new home but thought that it would be too expensive? Have you wondered how to even begin the homebuilding process?
US Mortgage Network has years of experience helping clients finance their dream home with a construction/permanent loan. This type of loan is different than a regular home mortgage. With a construction/permanent loan, the soon-to-be-built home is appraised. After the homebuyer qualifies for the construction/permanent loan, all parties proceed toward closing. After closing, the builder begins construction on the new home. US Mortgage Network handles the cash draws and the ongoing site appraisals. At the home’s completion, the homeowner signs off with US Mortgage Network on the final cash dispersal to the builder.
While the new home is under construction, homeowners make interest-only payments on the amount of money that has been dispersed. As the home progresses and more funds are dispersed, the interest-only payment naturally increases. Homeowners will enjoy these interest-only payments and land-only property tax payments until the certificate of occupancy is issued. Then, the homeowner will make principal and interest payments as well as property tax payments, just like any other home. At this point, the loan is now a permanent loan.
With US Mortgage Network’s construction loan/permanent loan:
Close just once on both loans
(construction and permanent)
Pay land-only property taxes
(at occupancy, regular property taxes begin)
Lock in one interest rate
for both the construction and permanent loan
US Mortgage Network disperses checks
to your builder; handles construction appraisals
Make interest-only payments
Lot financing can be included in your construction loan
Some homeowners want to build their dream home but are short on savings. These homeowners have plenty of equity in their existing home. If this is your situation, US Mortgage Network can help with a “swing loan” that applies the equity in your existing home to help finance your new construction/home loan. Talk with a member of our team today to see if this unique loan offering can help you.
Another situation is a homeowner with some savings, but since they have an existing home to sell, they do not qualify for a construction/permanent loan. If this is your situation, we have several solutions for you. Give us a call today: (724) 933-9300.
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