FINANCING
FINANCING YOUR HOME
Ready to start construction for your new home but not sure where to begin? We're here to help!
Building a new home one is of the most significant investments you'll ever make. While you can always pay cash for your new home, many buyers choose to finance. If you already own land, the good news is, you may be able to use land-equity in lieu of a cash down payment! If you plan to finance your Build On Your Land purchase, we highly recommend you obtain a Construction to Permanent Loan, which offers the ease and convenience of a one-time loan closing.
For more information regarding the Construction to Permanent Loan process*, see below!
ABOUT CONSTRUCTION
TO PERMANENT LOANS
Most of our buyers use a Construction to Permanent loan to finance the purchase of their new-construction Build On Your Land home. This loan provides financing for both the land and the home and you will have the option to amortize this loan for up to 30 years. Whether you own the land or are financing the land, you can finance your home purchase with this convenient loan.
GETTING APPROVED
The Construction to Permanent loan approval process is similar to that of the standard mortgage loan process. The lender will review credit history and credit score and you'll be asked to provide documentation listing your income, assets and liabilities. The typical credit score required to gain approval for a Construction to Permanent loan is a minimum of 680, however, this may vary per lender.
CLOSING THE LOAN
Both you and your builder are responsible for signing documents in order to keep the process moving. Once all documents have been signed, funds will be issued in "draws" throughout the process. After construction loan closing, construction begins! During the construction process, you will be responsible for making interest-only-payments on the monthly loan balance.
TRANSFERRING TO A PERMANENT LOAN
Once construction of your home is complete, your lender will disburse the final "draw", the final inspection is completed and the Certificate of Occupancy is issued. Once all of your construction payments have been recieved, you are ready to move-in and, shortly after, your loan will begin transferring to a permanent loan. Upon completion of the transfer process, you will begin making your monthly principal and interest payments.
TOP MORTGAGE LENDERS
Augusta & Aiken Lenders
Security Federal
Virginia Smith
803-681-4469
vsmith@securityfederalbank.com
Josh Booth
803-644-2688
jbooth@securityfederalbank.com
Andy Passmore
706-421-4700
andy@securityfederalbank.com
Cardinal Financial
Sandy Cline
302-540-8127
sandy.cline@cardinalfinancial.com
Cadence Bank
McKenzie Cochran
706-832-3061
mckenzie.cochran@cadencebank.com
Resource Financial
Jane Hall
803-467-2969
jhall@rfsmortgage.com
Union Home Mortgage
Joy Anderson
706-833-1571
joyanderson@uhm.com
Savannah & Statesboro Lenders
GO Mortgage
Robert Fabian
262-901-1460
robert@gomortgage.com
Cardinal Financial
Sandy Cline
302-540-8127
sandy.cline@cardinalfinancial.com
Resource Financial
Jane Hall
803-467-2969
jhall@rfsmortgage.com
Union Home Mortgage
Joy Anderson
706-833-1571
joyanderson@uhm.com
Payment Calculator
Use this calculator to estimate how much your monthly mortgage payments will be based on the price of the home, down payment, loan term, and interest rate (usually based on your credit score).
*** Estimated payment does not include property tax, home and private mortgage insurance ***
Interest rate may vary based on location, credit score, loan amount, down payment, loan type, and loan terms. Interest rates change constantly. Information and interactive calculators are made available to you as self-help tools for your personal use and are not intended to provide investment advice. We encourage you to seek personalized advice from qualified finance professionals regarding all finance questions.
Budget Calculator
Use this calculator to estimate how much home you can purchase based off the monthly payment you wish to pay, down payment, loan term and interest rate (usually based off of your credit score).
*** Estimated payment does not include property tax, home and private mortgage insurance ***
Interest rate may vary based on location, credit score, loan amount, down payment, loan type, and loan terms. Interest rates change constantly. Information and interactive calculators are made available to you as self-help tools for your personal use and are not intended to provide investment advice. We encourage you to seek personalized advice from qualified finance professionals regarding all finance questions.
Get Started With Build On Your Land Today!
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