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FINANCING

You may choose to arrange for your own construction and permanent financing. If so, we will be happy to provide your bank with any information they need. Or, like many we have helped in the past, we can help you with this. Lenders we work with offer very competitive interest rates and closing costs. Plus, since we are an approved FHA/VA builder , we can help expedite your FHA/VA application.

FINANCING OPTIONS

Below we have provided general information about the home financing process. Please keep in mind that not all lenders offer all programs and many have their own special requirements for financing. For Additional Information, please call Robb Smith, Vice President of Sales at 770-422-1777.

LAND PURCHASE & PAYOFF

All or some of the purchase price for land or a building lot may be included in your construction and permanent mortgage financing. If you do not own land yet, it is a good idea to pre-qualify to help you budget for your land purchase. If you already own land, any equity you have may be used towards your down payment and the land loan balance may be paid off at the construction loan closing if the equity can be supported by the lender's appraisal.

DOWN PAYMENTS

Down Payments may be made with your own funds, equity in your land (provided the lender's appraisal supports it) or a gift from a relative. Many 401K plans allow you to borrow the down payment for a home. Conventional and Construction/Permanent Mortgages typically require from 5% to 25% of the total cost to build down prior to start of construction. The down payment amount varies depending on your creditworthiness and the availability of Private Mortgage Insurance. FHA/VA Mortgages typically require 0% to 5% down prior to start of construction.

PERMANENT MORTGAGES

Conventional and Construction/Permanent Mortgages offer the most flexibility and higher loan amounts. Programs available for Conventional and Construction/Permanent Mortgages include but are not limited to: 15-30 year fixed rates; 1 to 10 year fixed rate that adjusts after the fixed rate period; interest only payment options. These loans may have higher qualifying standards and require a larger down payment. FHA/VA Mortgages typically have easier qualifying standards and require little or NO MONEY DOWN. FHA Mortgages are capped in Georgia at a maximum of $346,250.00. However, the actual maximum varies depending upon which county you intend to build your home. Click here to go to the FHA website for the maximum loan amount for your specific county in Georgia. VA Mortgages are capped at a maximum of $417,000.00. However, the actual amount may vary depending upon which county you intend to build your home. Click here for further details on VA loan amounts. Programs available for FHA/VA Mortgages include but are not limited to: 15-30 year fixed rates, 1 to 5 year fixed rate that adjusts after the fixed rate period.

CONSTRUCTION LOANS

If you do not have the funds (or do not wish to use your funds) to build your home a Construction Loan will be required to help pay for costs during construction. Conventional and FHA/VA Mortgage borrowers will need a separate Construction Loan which will be paid off by the Conventional and/or FHA/VA Mortgage lender once construction is complete. Construction/Permanent Mortgages are Conventional Mortgages paired with a Construction Loan from the same lender. These loans typically have only one closing prior to construction and may save you some closing costs. We work with many Construction and Construction/Permanent lenders and will be happy to assist you in obtaining a low-cost construction loan.

CLOSING COSTS AND CONSTRUCTION LOAN INTEREST

Closing Costs and Construction Loan Interest for a Construction Loan plus a Conventional or FHA/VA Mortgage typically ranges from about 7% to 8% of the loan amount. The costs for Construction/Permanent Mortgages typically range from 5% to 6% of the loan amount. If you want, we will include these costs in the Purchase Price of your home and you may have little or no "out of pocket" expense.

LENDERS OUR CUSTOMERS HAVE USED:

BB&T HOME MORTAGE
CENTRAL BANK MORTGAGE
GREATER ROME BANK
NORTHEAST GEORGIA BANK
SUNTRUST BANK
SYNOVUS BANK
UNITED COMMUNITY BANK
UNITED BANK

We also build in the following cities in Georgia:

Acworth
Alpharetta
Athens
Athens-Clarke
Atlanta
Barrow
Bartow
Belvedere
Belvedere Park
Brookhaven
Butts
Calhoun
Canton
Carroll
Carrollton
Cartersville
Cherokee
Cobb
College Park
Coweta
Cumming
Dawsonville
Decatur
Dekalb
Douglas
Dublin
Douglasville
Dunwoody
Duluth
East Point
Ellijay
Fayette
Forest Park
Forest
Forsyth
Gainesville
Grantville
Griffin
Gwinnett
Hall
Henry
Hinesville
Hogansville
Jasper
John's Creek
Kennesaw
LaGrange
Lake Allatoona
Lake Blue Ridge
Lake Chatuge
Lake Hartwell
Lake Jackson
Lake Lanier
Lake Nottely
Lake Oconee
Lawrenceville
Lone Oak
Mableton
Macon
Marietta
McDonough
Milledgeville
Milton
Newnan
Newton
North Atlanta
North Druid Hills
The North Georgia mountains
Paulding
Peachtree City
Redan
Rockdale
Rome
Roswell
Sandy Springs
Smyrna
Snellville
Spalding
Stone Mountain
Sugar Hill
Tucker
Union City
Washington
Winder