The Ultimate Guide To Navigating The Construction Loan Process *Updated 2024
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6 سال پیش
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Check out this ultimate guide to navigating the construction loan process. Although 12.5 minutes, this video will answer most of your questions on what to expect through the construction loan process.
2024 New construction loan process
Simplified version
1. Pick floor plans
a. Online is best, fastest, cheapest
b. Local architect
i. Plan on spending $3,000 – $5,000
ii. 1-3 months
2. Meet with builder to discuss feasibility.
a. Get rough idea on cost
b. Is it feasible on your budget?
c. Is it feasible on your lot if you already have one?
3. Identify lot
a. Estimate cost to develop lot
b. Feasibility study
c. Septic site?
i. Plan on a lengthy process if not one
d. Lot loans only
i. Rates vary based on prime rate
ii. Down payment will depend if the loan is developed or not (utilities/septic in place)
4. VA Construction loan
a. Complete loan application and provide all required documentation to the bank
b. First we will approve you for the permanent mortgage before giving you a temp. loan
c. Very important not to change your financial status during the process.
d. Lender will need rough numbers on how much it will cost
e. We will take plans, specs, cost, + land and have it appraised
f. 30-45 ish days to close
h. Down payments start at 10% and go up from there
i. If DP required, funds typically used towards 1st draw
1st draw is usually the largest (site prep, rough drive, excavation, footers, foundation framing package, builders fees, labor)
j. Rule of thumb: average payment is 60% of fully drawn amount
5. Plan on it taking 4-8 months.
a. Never make concrete plans based on a certain closing date
6. Do not make any changes once you pick your plans
a. They cost a ton of money
b. Makes the process extremely stressful
7. Enjoy the process
a. if you are one to freak out easily, you will need to hide your ugly lol
8. Expect big setbacks
a. Happens 100% of the time
b. its all normal and a part of the process
Call me now to discuss your options.
Marshall Sparkman
NMLS # 167461
615.439.0885
6 سال پیش
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