We offer Construction Loans for Conventional, VA, FHA & USDA Mortgages
To get you started, we’ve outlined the steps needed and loan programs available to help you understand the process, typically new construction loans take 45-60 days to close as we verify the builder, licensing, permits, insurance, and appraisal(s).
THE FINANCING PROCESS
Get in touch with us to see if we can start the process to finance the construction of your new home. There is no cost, and zero obligation to purchase when you apply.
When building a new home there is a higher financial requirement than purchasing a home already built. Typically you will need 660 FICO + and a minimum of 6 months of liquid cash reserves after you make your down payment and pay the closing cost (title, insurance, taxes, etc.)
We encourage you to apply. Your dream home may not be far away!
CHOOSE THE BUILDER
Find a reputable builder in your area who meets eligibility requirements for financing, including 3 years minimum experience building residential homes, a minimum of $1 million per year in volume, and that their primary business is building residential homes.
PREPARE THE CONTRACT
We’ll work with you as you prepare a contract with your builder to determine if the home is within your budget and what the cost and timeline will be to build your home and finance it.
BEGIN THE PROCESS:
Once you review and sign the contract, it will be evaluated by our construction underwriting team. Signing the contract and providing needed documentation usually take only a few days.
UNDERWRITE THE LOAN
Our underwriting team will evaluate and potentially approve the loan for the construction process, as well as the permanent portion of the loan in one single step.
CLOSE THE LOAN
With a final review of all the financial information you submitted, including documentation of current income and financial liabilities, you can sign the paperwork to close on your loan and secure financing.
You’ll begin construction on your new home within 30 days of the closing date. Your construction team will provide you with regular updates on the progress of your home. We’ll manage the construction phase, including ordering draw inspections and any state-required surveys and inspections.
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Texas Mortgage Banker Disclosure: Pursuant to the requirements of section 157.007 of the Texas Mortgage Banker Act, chapter 157, Texas Finance Code, you are hereby notified of the following: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550..