New Construction Program that is a Game Changer

Its no secret that the real estate market is tough for buyers. Low inventory, lots of competition, increasing interest rates, multiple offers and over asking prices in order to win a bid

Buyers in todays market are getting very discouraged and are giving up because its “just not the right time to buy”

We are excited to share with you a new program that we have partnered on with one of our Preferred Affiliate Partners. They have just announced a new program that is going to be a game changer for buyers looking to buy. This program will allow a buyer to purchase land AND obtain a construction loan in ONE LOAN and close them at the same time.

Check out this short video from Wes Oliver at Prestige Home Mortgage as he briefly explains the key points of this program.

Typically when a buyer was interested in building a new home, they had a couple choices. The most common choices were:

Find a builder that had lots for sale and was building in the area. You could then speak with the builder and discuss the new construction home and close on the property once it was completed. The good thing about this was that the builder likely owned the lot and the cost of the lot was built into the cost of the build so you only had to deal with one closing. The downside to this, was that you were only able to build in the area on the lots that were available and oftentimes, you would have to sacrifice location.
If you preferred to build a house where you wanted, you would then have to purchase and close on the land, then meet with a builder and contract with the builder to build the home. The good thing about this is you have the ability to choose the specific land and location that you want. The downside is generally speaking, you have to put down up to a 25% down payment to get the loan and close on the land. After that, oftentimes, you wouldn’t have the liquid funds available to use as a downpayment for the actual build unless you had a large savings account.

This Industry Changing One-Time Close Construction Loan is NOW AVAILABLE!

What makes this program different?

You can purchase land of your choice AND get a new construction loan all in one! Its as simple as finding the location and land for sale and meeting with a builder. You loan will include the cost of the land PLUS the cost of the new construction home and you will get a loan based upon the combined amount.
Instead of needing a down payment up to 25% on land and then needing to come up with additional funds for a down payment on your home, this program allows you to use a minimum of ONLY 5% for the total loan. This leaves you with a lot of extra funds available for those special requests and upgrades on your new home
Rather than waiting to close on the house when its built, oftentimes could be 12 months or more, this program will allow you to close on your loan on average of 60-90 days. That means that you can lock into todays interest rates and not be afraid of the rates increasing vs having to wait until the house was built and find out rates are too high and now you dont qualify for the loan. And since we brought up rates, that brings us to the last key point.
Buyers are protected with a FREE float down on the interest. This means that you lock into the current interest rate today and close the loan. If when the home is built and the final occupancy permit is issued, the interest rates are higher, you are protected with the lower rate you locked into. If the rates are lower, then you will AUTOMATICALLY get the new lower rate on your loan FREE without needing to refinance the loan.

This is an unbelievable program and opens up a lot of opportunity for buyers in todays market. If you want more information or take advantage of todays opportunities, contact us today.