The Benefits of Creating Your Own Custom New Home
In the grand tapestry of life, the endeavor to create a custom new home is akin to composing a symphony, where every note resonates with the essence of your vision. Just as in architecture, the pursuit of designing your own dwelling is an art, an intimate conversation between you and your surroundings.
1. Unveiling Your Unique Vision:
The journey of creating a custom new home is the embodiment of the individual spirit. It is the canvas upon which you paint the masterpiece of your daily existence. In the realm of design, it is where your inspirations, your aspirations, and your desires find their physical form. Each element, every line and curve, is a brushstroke of your imagination.
2. Tailored to Perfection:
Customization empowers you to infuse the very essence of your personality into every nook and cranny of your dwelling. It's not merely a home; it's your sanctuary. From the arrangement of spaces to the selection of materials, each choice is a reflection of your unique taste and lifestyle.
3. Timeless Legacy:
Just as architectural masterpieces transcend time, a custom home, thoughtfully designed, becomes a lasting legacy. It is a testament to your creative spirit and an enduring gift to the generations that follow. Like the monumental structures of antiquity, your home has the potential to stand as an enduring symbol of your vision and innovation.
In the world of custom home design, your imagination becomes the architect's blueprint, and the result is a living work of art that resonates with your very soul. The creation of your custom new home is a testament to the belief that life's spaces can be as beautiful and unique as the dreams that inhabit them. It's a journey of self-discovery, innovation, and artistry – a symphony of spaces where you are the composer, the conductor, and the virtuoso.
* Denotes a loan approval check point
Goals & Approval
Construction Planning
Discuss Goals
Construction project. Will discuss if you already own the land you want to build on
*Fannie/Freddie
Financial profiled data submitted to AI (Fannie/Freddie) approval
*Choose a Contractor
Contractor to apply for approval, please have your hired contractor contact us
*Project Approval
I. Fully Executed Construction Contract
II. Cost Breakdown or Budget
III. Architect Plans and Specifications
IV. Copy of the Appraisal
V. Building Permit
Vl. Borrower Prepayment Information (form)
VII. Draw at Close Information (form)
VIII. Contractors Wire Authorization (form)
IX. Other Documents
*Underwriting Approval
I. Mortgage application review
II. Financial documents review
III. Title, Insurance, and Association (if any) document review
Closing
Construction Process
Schedule Closing
Closing appointment is coordinated with all parties
Closing Package
Final closing package is prepared and generated
Construction Process
Our construction team will manage and inspect every aspect of the construction process.
I. Managing Timelines
II. Licensing
III. Title Documentation
IV. Insurance
V. Inspections
VI. Disbursement of funds through draw requests
VII. Mechanic's lien waivers
Initial Draw
Initial draw will be sent to the contractor. Construction begins
Construction Completed
I. Certification of Completion (COC)
II. Final inspection and appraisal review
Modification
Final Draw
Final construction funds are drawn to cover any remaining costs
Loan Conversion
Loan converts from interest only to a standard principal and interest payment loan
Final Document
Final Loan Conversion documents are signed and the Title Policy is finalized
OTC
I NTER I M
CONSTRUCTION LOAN PROGRAMS
OTC LOAN
INTERIMLOAN
SCALE: 1'-0"
MORE LOAN PROGRAMS
RENOVATION LOAN
LAND/LOT LOAN
RENOVATION LOAN
Fixed Monthly Payment: Enables you to secure a single loan for property purchase or refinance, allowing construction/repairs/improvements after loan closing based on the "After-Improved" property value.
Transaction Limitations: Maximum renovation/repair costs are restricted; contact us for more information.
Maximum Loan-to-Value: Is up to 90% plus renovation/repair costs.
Programs: Eligible for FHA and Conventional Loans.
LAND/LOT LOAN
Loan Amounts: Depending on whether the property is in an improved subdivision and included with a construction loan, you can borrow from 60% to 75% of the purchase price. Otherwise, the loan-to-value is from 50% to 60%. Contact us for a customized quote.
Interest-Only Payments, with term options ranging from 1 to 3 years.
HOME STYLE OR 203K
LAND/LOT
ONE T I ME CLOSE
Interest-Only During Construction: While your home is being built, you'll make interest-only payments. After construction, you'll transition to a principal and interest payment structure through a loan modification.
Fixed Interest Rate: Enjoy the stability of a fixed interest rate that remains constant throughout the entire loan term, both during and after the construction period.
Simplified Qualification: With a one-time construction loan, you only need to qualify once.
Maximum Loan-to-Value (LTV): can reach up to 95%.
Programs: Eligible for VA and Conventional Loans.
CONSTRUCTION TO PERMANENT LOAN
Interest-Only During Construction: Interest only payments based on funds advanced. After construction, you'll transition to a principal and interest payment structure through mortgage refinancing.
Adjustable Interest Rate: Your interest rate will incrementally increase quarterly.
Qualification Requirements: You'll need to meet the criteria for both the interim loan and the end loan.
Maximum Loan-to-Value (LTV): Varies see the HUB for details
Key Advantage: An interim construction loan is the optimal financial option for larger projects with extended completion timelines because you pay interest solely on the drawn portion of the available line.
*Choose a Contractor
Approving a builder for construction loans involves a thorough evaluation process to ensure that the builder is capable of completing the project successfully and within the specified budget and timeline. The specific steps and requirements may vary depending on a construction loan program, but here is a general overview of the process:
Contractor Questionnaire:
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Contractor's legal name and contact information.
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Business structure (e.g., sole proprietorship, LLC, corporation).
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Years in operation and date of establishment.
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Experience in number of homes built
State Contractor's License:
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Business Structure and Registration
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Continuing Education Requirements Met
Worker's Compensation Insurance:
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Compliance with State Regulations
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Legal Liability Protections
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Safety and Prevention Programs in Place
General Liability Insurance:
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Coverage for Bodily Injury and Property Damages and more
Contractor's Personal Documents:
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Drivers License
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W-9 Form
Other Contractor Forms to Complete:
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Please contact us to request the necessary forms for completion.
"To express is to draw, and when you want to give something presence, you have to consult nature, and that is where design comes in. You say to a brick, 'What do you want, brick?' And brick says to you, 'I like an arch.' And if you say to brick, 'Look, arches are expensive, and I can use a concrete lintel over you. What do you think of that?' Brick says, 'I like an arch."
