Having trouble finding your dream home? Today’s housing market can be challenging for finding a home that meets all of your wants and needs. Instead of waiting for the perfect home to come on the market, build the home of your dreams with a one-time close construction-to-permanent loan! Qualified borrowers can finance the home construction, lot purchase AND permanent mortgage in a single closing. Some of the benefits include:
- No payments due from borrower during construction.
- No-requalification once construction is complete.
- Single closing reduces total costs.
- Realtor commission paid-in full at closing (prior to construction commencing)
Financing your home is just one consideration to keep in mind when building your own home. Below are a few other crucial factors to consider before starting the process!
- Create a Budget: Determining a budget is an essential part of the process and will help you decide on key factors such as the size of the home, location, and design features. Don’t forget to set aside additional funds for any unexpected setbacks that may occur. Start saving for your dream home today by reading our blog, Home Budgeting Tips!
- Timeframe: Building your own home does not happen overnight, so creating a realistic timeframe is another key consideration. Ask yourself if there is anything specific you should consider when determining your start and finish date (I.e., school sessions, lease expirations, etc.). Furthermore, construction-to-permanent loans are a great option for those on a tight time crunch. Since this loan type is closed before construction begins, there is no need to re-qualify, simplifying the construction and purchase process.
- Consider The Location: Where will you build your home? Your home’s location will affect what you want to and can do structurally and aesthetically. Find the right location for your family with tips on our blog, How to Find a Family Friendly Neighborhood.
- Download Direct Mortgage Loans’ Homebuying Checklist to help you determine what features you want in your new home.
- Hire The Right Team: Choosing the right team is important to ensure a smooth and painless process. BEFORE hiring anyone for the construction, be sure to seek out referrals and references from friends, neighbors, and family members. Additionally, check if the individuals are licensed and insured, and discuss the building inspection and permit process that will be required.
- Build with Resale Mind: If you want to make a profitable return on your home investment, being strategic about the type of home you build will play a significant role in its value. Get some inspiration on what to include in your new home on our blog 4 Home Renovations for Greater ROI.
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