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construction loans: Basics of Construction Loans - 03/27/08 01:29 PM
How do Construction Loans Work?
A construction loan finances the following:
•1. The land
•2. Land improvements -i.e. clearing, grading, utilities, etc.
•3. Actual construction costs
•4. Finishes to the home - i.e. carpet, appliances, tile, etc.
•5. Architect or engineering fees
•6. Permits
•7. Interest Reserve account to pay your mortgage during construction
•8. Closing costs (in most cases)
A one-time-close construction loan modifies to a permanent mortgage when the home is finished. So, you can finance the initial purchase of the land plus the cost of building your new home. You pay just one set of closing costs and you are only approved once!
Rate and terms can … (0 comments)
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construction loans: 2008 is the time to BUILD - 02/07/08 03:38 PM
Why you should BUILD in 2008
If you are one of the many people out there who are struggling to make the payment on your vacant lot, listen up! Obviously the market has slowed down, and lots especially aren't selling very quickly.
Have you ever considered building a house on that lot?
Or if you have, maybe it's time to get serious about it!
It's not as hard as some people think! The thought of building yourself can certainly be overwhelming, but there are many systems and people in place to simplify the process. We have multiple general contractors and owner-builder companies to choose from.
There are … (2 comments)
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construction loans: Zero Down Construction Loan Information - 11/06/07 05:48 PM
ZERO DOWN! Custom Home Construction Loan & Financing
Community First Financial is excited to offer our no money down* construction loan program. This program is designed for primary and 2nd home buyers who want to put limited funds into their custom home project. This program also allows the borrower to use the FUTURE APPRAISED VALUE of the construction loan.
Construction Loan Features:
Use future appraised value No money down 100% financing (including land)* Closing Costs included into the loan 24 hour loan qualification through automated underwriting No payments during construction up to 2 years (not even interest payments)* Primary and Second Homes Full … (3 comments)
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construction loans: Construction to Permanent vs. Construction Only - 10/30/07 06:04 PM
What is the difference between "Construction-to-Permanent" and "Construction Only" loan programs?
A C/P or Construction-to-Permanent, also called "One Time Close" is a type of construction loan that rolls directly into your permanent financing once your home has received its Certificate of Occupancy. Typically, the borrower qualifies for the loan to the guidelines of the permanent loan. The borrower can select whatever end loan program that a lender may have in their portfolio (ie. 30 year fix; 3/1, 5/1, 7/1 ARMs, Interest Only, 15 year fix, etc.). The construction period is the riskiest part of the loan. Thus, lenders will charge a … (4 comments)
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construction loans: Construction Loans 101 - 10/30/07 05:56 PM
What are the reasons people buy resale homes over building thier own custom home?
Tangible product. They can see, smell, and touch the new home they wish to buy. Time line. Most resale homes are available with in 45-60 days. Inventory. Easier to find an existing home rather than a vacant lot. Variables. Building requires: Realtor, land, builder, plans, options, time, patients, vision, trust, etc.... Education. Many customers that build homes invest more time into their "purchase" and at the same time have to educate themselves with land, building and builder.This list can go on all day long, but the theme of the idea is HOW DO WE HELP OUR … (0 comments)
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Katie Marchione ~ Community First Financial
Scottsdale,
AZ
More about me…
Community First Financial
Address: 7575 E. Redfield Rd. Suite 235, Scottsdale, AZ, 85260
Office Phone: (480) 305-8900 x 315
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