Builder Loans a/k/a
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
Vintage Homes - Boynton Beach
Vintage Homes - Lighthouse Point
K Hovnanian - Delray Beach
Lennar - Boca Raton, Delray Beach
Centra - Boca Raton
GL Homes - Many to choose from
Oceanside - Pompano Beach
Standard Pacific Homes - Fort Lauderdale, Pembroke Pines
Tao - Sunrise
Wind Mill Reserve - Weston
Woodbridge Ranches - Davie
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.