Builder Loans a/k/a

Construction Financing

Loans for folks who are thinking about building their home have just about stopped in the last few years. Especially in places like Florida and South Florida many construction companies closed up shop because the lending environment became too difficult.

Nowadays construction and builder loans are on the come back so I am attempting to put together a list for my customers to help them find a builder who can build them a brand new home. Please give me a call so I can help with the contruction financing.

 

Builders By Territory:

Minto Homes - Port St Lucie, West Palm Beach,Royal Palm Beach,Lauderdale By the Sea

                            Weston, Cooper City, Miami Gardens

DR Horton - Wellington,Boynton Beach,Fort Lauderdale

Ansca Homes - Lake Worth

Standard Pacific Homes - Boynton Beach

Promenade Condos

Vintage Homes - Boynton Beach

Vintage Homes - Lighthouse Point

K Hovnanian - Delray Beach

Lattitude

Lennar - Boca Raton, Delray Beach

Centra - Boca Raton

Toll Brothers

GL Homes - Many to choose from

Oceanside - Pompano Beach

Standard Pacific Homes - Fort Lauderdale, Pembroke Pines

Sapphire Condos

Tao - Sunrise

Wind Mill Reserve - Weston

Woodbridge Ranches - Davie

Monterra

 

 

Whenever you are considering entering into a contract with a builder, be prepared to see a contract that is somewhat one sided in their favor and also be prepared to be pushed towards the builder's in house mortgage company. Most of these mortgage companies have high rates and fees because they have to give a portion of their earnings to the builder.

If you were buying a regular existing home, normally you wouldn't go use the the mortgage company of the seller so why does it make sense to go use the mortgage company of the builder.

There are two types of builder loans. Construction Perm and End Loans

There is a construction perm loan and also there is what we call an end loan. Construction perm financing has all but come to an end in places like South Florida but certainly I can help you with the end loan. Construction perm financing is when you have purchased the lot ahead of time and then you wish to build on it. An end loan is basically the same as any Fannie Mae or FHA loan when you buy the land and the home all at once when all of the building is finished.

Also, quite often homebuyers will hear about FHA 203K financing. This program is used when a homeowner needs fix up money on a home that needs renovations for it to be liveable. In order to qualify the buyer must meet FHA standards and intend to reside in the home. See my FDA pages for this.

 

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