I want it like New: Why don't you like it like you want it - CUSTOM HOMES 



The pains of house hunting, getting a realtor than figuring out what neighborhood is best for you or your family. Understanding the market is tough than finding that one special home with all your needs is quite a task in itself. That mix provides you with the following, you find the area, but might not be able to find or afford the home that fits your needs...I just got an epiphany and involves creating what you want but this harbors on you finding the land ...task sounds easy but can be tough.

First things first in order to qualify for a construction loan you must have your digits in place that includes a couple of things first comes in regards 

Credit:
Make sure that you pay on time because that is key to having the bank have confidence in your ability to pay. This also stretches past the amount of consistent pay that you have made but moves into an area called how much can you lift. See much like weights there are sometimes limits to what were able to carry, the lenders assist that ratio through historic analysis and put a camp on what were able to afford. This also affects our credit rating. 

  

   

Downpayments: 
Then unlike a first time home buyer loan they just can't rest on your ability to pay, the reason being there is a greater risk with the construction loan so bring that 20% down ..... Don't fray that is the usual cost of doing business which can essentially change between companies. There are rare cases where you can obtain a 99% financed loan, but these are the general rules of thumb when dealing with construction loans. Search, search and search these offers are like sale prices at discount department stores. At the end of the day a home is still a risk, so the bank wants to make sure that your in on this bet.   


Types of Loans:
One Time (Interest Only you pay in full at the end): 

• You close with one fee, interest only then conversion into a permanent loan 
• Approved for both the construction and permanent financing at once 
• Set pricing with no flexibility of changing mortgage amount without taking out a secondary loan. 

Two-time Close: 
This is my favorite less money out of my pocket. You take out a short term loan for the initial offer than they give you a mortgage for the work done. Usually doing the construction phase you're doing an interest only loan. 

• Two stage Loan Process: First approval one covers part of the construction the second stage covers the second half of the construction settlement.
• Two loan approvals needed for completion.
• Lower Interest rates
• Greater flexibility and better quotes on rates 

  
All this results in what from a home buying experience, more power for your dollar. Being able to create your own oasis taking on the risk of possible construction woes that may impact build & costs. The end result is something that may come in with positive equity a potentially value-added endeavor. 

If you have any questions on building a home to your liking please reach out to mikeblaise@macheene.com. We are currently supporting the Orlando/Miami/Tampa/St. Petersburg for our specific expertise but would love to work with you with our local vendors.