There are basically three choices to financing your home…
#1 Cash — There is no need for a third party financial institution to provide either the customer or builder with any type of permanent or construction loan financing.
#2 Lock and Key — Usually the builder provides a written quote to build the home. The builder is typically responsible for securing the lot and a construction loan. The customer will perform financial obligations during the closing of the completed home.
#3 Pre-Sold Custom — Usually the builder provides a written estimate of the cost of building the home. The customer is typically responsible for securing the lot and a construction loan. The builder typically provides regular billing information to the customer. The customer makes draws against their construction loan to pay the builder for the construction costs and commission.
During a remodeling project or an emergency project, the customer will be responsible for obtaining a construction loan, line of credit, or insurance payout to pay for construction. We have experience in helping customers in all of these scenerios.