Construction Loan Florida - Home Construction Loan

Construction Loan -Home Construction Loan

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Construction Loans

3. You Need Financing To Build

1. You Must Have A Dream.

2. You Need A Plan

    As a leading Florida Mortgage Broker we have over 100 Top Lenders in our network. This means
     we have access to all the best loan programs that can combine the construction and permanent
financing of your home.   With this type of loan you are only required to apply once for the mortgage. You also
would be able to lock in a permanent rate at this time. This not only saves you time but also money that would be
spent on two closings. We would have you close on your loan only once unlike many other lenders that require you
to close before the construction starts and then again before the permanent period of your loan begins.

     Benefits:
-Use the equity in your current home toward the purchase of your new home, this is called
Cross-Collateralization.
-You could have up to 18 months to complete the construction.
-This program also includes financing of all customary building costs such as permits and inspection fees, etc.
- Interest is charged only on the funds that have been disbursed keeping your payments on your new home as low
as possible.
- No monthly payment during construction period. The interest payments can also be financed so you don't have to
carry two mortgages at the same time.
-When the construction has been completed, the permanent loan begins.

      List of information required to start the Construction to Permanent Loan process. A Construction To
Permanent Loan is very similar to a conventional purchase or refinance transaction but you will need to provide
additional paperwork besides your own financial paperwork.

      Plans and Specifications - This would consist of the architectural drawings that have been approved by the
city or county planning office. Included would be a floor plan, foundation plan, outside elevations, details for the
pluming and electrical work and the actual construction plan itself.
      Detailed Cost Breakdown For Construction - This is usually completed by the builder and consists of the
costs for the building supplies, permits, engineering and architectural fees.
      Construction Contract - This agreement between you and the builder should detail the
construction project, the agreed upon types of material to be used during the construction, the
price and the length of time to complete the construction.
      Builders Resume - The builder must state the amount of experience that he or she holds with a list of
completed projects that they have been involved with. Also a copy of the builders license must be provided.

       Contractors may draw up a contract that covers the costs for materials and labor but some may
also include language that permits the contractor to charge more if there are increases in costs or
shortage of materials. You will want to clearly layout what is covered and not covered in your contract.

Some factors that may limit the amount of money that can be borrowed are as follows:
- Future value of your home
- If you can document your income
- Credit

News on New Home Construction

Step 1.
- Put Plans On Paper.
- Interview And Choose
An Architect And Builder.
Step 2.
- Obtain Financing
- Close on Loan
- Break Ground
- Lay Foundation
- Start Framing
Step 3.
- Start Roofing
- Install Plumbing
- Wire Electrical

Step 4.
- Put Up Drywall
- Install The Insulation
- Lay The Flooring
- Build The Stairs
- Install Cabinets
- Start Painting
Step 5.
- Install Carpeting
- Complete Closets
Step 6.
- Final Inspection
- Final Draw Request
- Release Contractor from contract
- Construction Loan Converts to
Permanent Loan

We Turn Dreams Into Reality!

However, "We don't always know for sure when trying to predict changes in the buyer's psychology". With the
upcoming elections and insufficient economic certainty we believe that there is not enough evidence to leave us
with a clear vision of the housing market in the upcoming year.

The Federal Reserve, recognizing the weakness lowered the Fed Fund rate to 1.00%. The debate is whether the
slowdown will be enough to push the country into an outright recession.

Lot Loan Purchase Program.
If you have no plans of building in the near future, then you can
choose our Lot Loan Program.
- There are fixed and adjustable rate land loan programs.
- The amount you can finance will depend on many factors such as
the loan to value.
- We offer full documentation and no income verification loans.
- The interest rate starts at Prime Rate which is currently 5.00%
- Minimum Down Payment Required for Lot Loans is 20%

By The Numbers: Step by Step Construction Time Line

LOT LOANS

Best Mortgage Available. com

* Lot Loan Programs Have Been Suspended Until Futher Notice *

Many people are under the impression that may be a bad time to build that dream house or at least until the
market stabilizes but the truth is that there may not be a better time. The good news for people looking to build is
that land prices have continued to go down and that material and labor costs are very competitive. Due to most
builder's having limited orders for new home construction most builders have resorted to drastic price cuts and
some type of creative incentives to buy their homes.
Some reasons for this new trend has been as follows:
* decrease in new home starts which translates to many unemployed contractors and laborers looking for work.
* framing lumber prices are down 18%.
* land prices continue to fall and in certain areas some builders have to much land and have lowered land prices
by an additional 20%.
* drywall is selling for 20% less.
* many cities and towns have made it easier to break ground by making it easier to cut through the "red tape".
* new home sales are down 33.1% from a year ago to their lowest level in a decade.