Building your own personalized custom home with a Custom Home Construction Loan for as little as 5% down in Tomball Texas
A home Construction loan otherwise known as an or Interim home Construction Loan are an easy way to get the home of your dreams. No more are you stuck in a cookie cutter tract home subdivision that has as much personality as a cardboard box. Instead, you can start with the blank sheet of paper and have an Architect design the home of you dreams and contract a builder to build that home and in most cases for less cost and better workmanship than a comparable tract home development project.
We are one of the few home construction loan specialists in the Tomball & Houston Texas area that underwrite your construction and your permanent loan in-house at the same time saving you time, money, and aggravation. This information is current as of Saturday September 23rd 2017.
Home Construction Loan differences versus regular purchase loans
Interim home Construction loans are unique because the money from the loan is used to pay for the development of your custom home construction. A home Construction loan can be used to:
- construct your custom home from the ground up
- possibly be used to complete construction on a half-built home you bought out of foreclosure that has never received a certificate of occupancy.
- for a total remodeling of your home, you would use Home Renovation loan
Terms will depend entirely on the extent of your project. In most interim home construction loans, you pay only interest during the time of development. The Construction phase of your project will have a set time to be complete.
Down Payments Needed for Home Construction Loans
Home Construction Loans are unique in residential loans such that you may be able to pay only closing costs and make no down payment. How’s that you say? Well if you bought your land a while ago, have equity in the land because of your down payment or payments you’ve made or if you’ve owned it a while and have some equity that way.
This equity may be applied towards your down payment. As well as any monies you’ve given to the builder that are credited to you in the builder’s contract may all be applied towards your down payment.
How much down payment or equity do you need for your home construction loan
Construction Home Loans Down Payment or Equity Requirements
|Loan Amount||Down payment or Equity||Areas Available|
|up to $424,100||5%||All Areas we Lend in|
|Up to $636,150||5%||Limited areas - Call|
|$636,151 to $1m||25%||Limited States - Call|
Timing is everything for your Home Construction loan
As soon as you get the twinkle in your eye regarding building your own custom home you should contact your loan officer immediately. Because you will need to establish a budget and if you don’t already have land to build on decide such things as should you purchase the land now or use the home construction loan purchase it and in doing so avoid another set of closing costs. In some cases you may need to buy the land because it may not be there in a month or so once you are ready to get the ball rolling. So call us at the number below and we’ll get the ball rolling for you.
Finally, The Benefits of using a home construction loan to build your own custom home
The largest value of building your own custom home is value. Now and in the future. Tract homes are built on a production line basis and many times Quality is not in the job description. What is in the job description is get the house put together as fast and as cheaply as possible. While these homes may be safe and dry for your family they will not have the fit and finish that you want that meets your personal needs.
Since you are also most probably overseeing the project more closely, so is the bank that does your home construction loan, you can make sure the quality is there and most custom home builders have a much higher level of quality and that means more resale value to you if you decide to sell your home. In the end a home construction loan may be just the ticket for your dream home.
|America's #1 Custom Home Construction Loans Lender in the US Available States|
|We are the #1 source for Home Construction Mortgage Loans. We provide home construction mortgage loans nationwide..|
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