Getting a Loan for New Construction

Getting a loan for new construction is NOT a do-it-yourself project. It is a unique specialty that requires knowledge and expertise in order to navigate the waters. It is imperative to talk to an expert before you begin this process.

A Construction Loan Requires Expertise

Many hopeful landowners get themselves in trouble because they dont know the intricate ins-and-outs of construction loans. I have seen it happen time and again. PLEASE plan to talk to me BEFORE you make a financial commitment on a piece of property!  I can help you structure your project to achieve your goals.  

DO NOT buy a lot or land without talking to an expert. You do not want to waste money and time on a piece of land that is NOT BUILDABLE. There can be special soil and terrain issues in Central Texas.  It is important to figure this out before you commit to a piece of property. The money to fix these issues can make a home cost prohibitive to build. 

DO NOT buy land, sell your house and then put an RV on your property without knowing if you can qualify for a new home construction loan and permanent mortgage loan.  

DO NOT plan to build your home yourself if you are hoping to get a mortgage loan. Mortgage lenders have very specific rules about building your own home.   

DO NOT start building your home with your own money then decide you need a loan to finish it even if you are certain you would qualify for a loan. Obtaining approval for a loan after construction is already started is a paperwork nightmare because of the title insurance requirements and will cause delays your project regardless of your ability to qualify. 

DO NOT try to navigate the qualification process alone. In addition to a new home construction loan, you need to qualify for a permanent mortgage loan and you will be paying interest during the construction.  

Structuring the financing on a custom home is a specialty that many mortgage lenders do not understand or cannot explain.  It is crucially important that you are educated about the process and costs associated with building a custom home. I will “draw you a picture” and explain it to you in a way you will understand.  Let me explain the process, find the best loan program to fit your project goals and help save you money! 

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Getting a loan for new construction is NOT a do-it-yourself project. It is a unique specialty that requires knowledge and expertise in order to navigate the waters. It is imperative to talk to an expert before you begin this process.

A Construction Loan Requires Expertise

Many hopeful landowners get themselves in trouble because they dont know the intricate ins-and-outs of construction loans. I have seen it happen time and again. PLEASE plan to talk to me BEFORE you make a financial commitment on a piece of property!  I can help you structure your project to achieve your goals.  

DO NOT buy a lot or land without talking to an expert. You do not want to waste money and time on a piece of land that is NOT BUILDABLE. There can be special soil and terrain issues in Central Texas.  It is important to figure this out before you commit to a piece of property. The money to fix these issues can make a home cost prohibitive to build. 

DO NOT buy land, sell your house and then put an RV on your property without knowing if you can qualify for a new home construction loan and permanent mortgage loan.  

DO NOT plan to build your home yourself if you are hoping to get a mortgage loan. Mortgage lenders have very specific rules about building your own home.   

DO NOT start building your home with your own money then decide you need a loan to finish it even if you are certain you would qualify for a loan. Obtaining approval for a loan after construction is already started is a paperwork nightmare because of the title insurance requirements and will cause delays your project regardless of your ability to qualify. 

DO NOT try to navigate the qualification process alone. In addition to a new home construction loan, you need to qualify for a permanent mortgage loan and you will be paying interest during the construction.  

Structuring the financing on a custom home is a specialty that many mortgage lenders do not understand or cannot explain.  It is crucially important that you are educated about the process and costs associated with building a custom home. I will “draw you a picture” and explain it to you in a way you will understand.  Let me explain the process, find the best loan program to fit your project goals and help save you money! 

Thrive Mortgage, LLC (NMLS #1494084) is an equal housing lender. This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. Contact us for details. Consult your accountant about tax deductions. NMLS Consumer Access

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