New Home Construction loan
Upon receipt of all vendor bids and your finish selection we will provide a final construction cost dollar figure. This provides the basis for finalizing your construction loan.
The construction loan is the total of your lot payoff, house plans and complete construction cost. Your loan amount is determined through an appraisal of the anticipated value of your home plus the land at the completion of construction. This process will determine if additional down payment funds are necessary to satisfy loan to value requirements.
You will then close on your construction loan and we will begin the building process. As you draw monies from your construction loan you will be paying interest only on the amount drawn. So as your loan grows in size your monthly payments will increase.
We can normally roll the interim interest into your construction cost so that you are not required to pay the interest during the building process.
Please review the Construction Schedule section on the website to see the building process and stages.
Contact us today for a custom home consultation!
• Call us: at 512-608-9388
• Email us: Info@LakeHillsCustomHomes.com
• Submit a Request: Click here for our detailed request form
