New Construction Home Loans
Have you considered getting a new construction home loan? The process and conditions differ somewhat from getting a conventional loan, so you’ll want to work with a mortgage broker experienced in handling this type of house-building loan. Manuel Mortgage Team, Goldwater Bank, N.A. will work hard to get you the new construction home loan that meets your financial needs and offers terms you can live with.
Build Your Dream Home
What can you do with a new construction home loan? You can build the home of your dreams! There are so many reasons to construct your own home. Here are a few:
- You own a beautiful tract of land here in Texas and want to build on it.
- Custom-building your house will create the exact floor plan you want.
- It lets you put in all the details and special touches you yearn for.
- It may be more cost-effective than purchasing an existing home.
- Building on your land can give you the privacy you demand.
- Many people enjoy the sense of pride that comes from designing and building a home.
Whatever your reason for wanting to construct, Manuel Mortgage is here to simplify the process of getting a loan to build a house.
About New Construction Home Loans
Every loan product is unique, and new construction home loans are no exception. You’ll find that the interest rates and qualification criteria differ between this type of loan and, say, a conventional loan.
Home building loans enable you to borrow money so that you can cover the costs associated with constructing a house. Such a loan may cover the following:
- The purchase price of the Texas land upon which you will construct your home
- The cost of materials
- Costs associated with designing your home
- If you hire a construction firm, the company’s fees
- Other miscellaneous expenses
Without construction loans, building your own home may not be a possibility, but it can be challenging to navigate what’s available. Some things to keep in mind about these loans is that repayment periods are shorter, interest rates are higher than with a conventional loan, and rates are variable.
Also, be aware that periodic inspections will take place throughout the home-building process. This is the lender’s way of making sure everything is proceeding according to plan.
The Manuel Mortgage Team, Goldwater Bank, N.A. can locate the new construction home loans that are right for you, and we can offer guidance to help you qualify for these products.
Use Your VA Loan For New Construction
Did you know that you can use your VA loan for new construction? It’s true, you can! As you probably know, there are restrictions and conditions associated with VA loans, but one of the acceptable uses is building a new home on a tract of land. Current and former members of the military who qualify for a VA loan can opt to use it for a new construction mortgage.
As a qualified mortgage broker offering VA loans, we can determine if this option is available to you. Come in and talk to us to learn more!
How Manuel Mortgage Team, Goldwater Bank, N.A. Can Help
When you’re ready to obtain a house construction loan that meets your financial needs, we are here to assist. As mortgage specialists, we have access to all types of mortgage products here in Texas, including conventional loans, FHA loans, VA loans, USDA loans, and renovation loans.
Our services are customized to each client, ensuring that you get the mortgage that you need at the terms that work for you. Reach out to Manuel Mortgage today to get started!