Finance Center
There's never been a better time to build a new home. And once you decide to take the plunge, right away you'll notice some key differences between building your own and buying a pre-built home. For example, you won't find the cost of your home simply by looking at a Realtor's Web site.
Here are some general tips for getting your arms around home construction financing:
Use online tools to calculate estimated cost of constructing your new home, using information you've obtained from conversations with local builders. When determining your home's budget, you will need to decide on your preferred size, location, quality of materials and labor, and amenities. Right here on dreamhomesource.com, you have access to a handy cost-to-build calculator, Based on any of the site's available plans, the calculator researches the material and labor costs for the construction of that home. And unlike generic calculators based on national averages, our tool returns a figure that is ZIP-code specific to where the home will be built.
Once you have your cost-to-build estimate, you're ready to get a preapproval from a lender. An experienced home construction/mortgage lender will have a variety of loan options, and will work with you to choose the loan that's best for you. One option is a "two-time close" loan, where you close on one loan for construction, and a second loan for your permanent mortgage. Or, many people choose what's called a "construction-to-permanent" loan, which is a two-part loan (with a single closing) designed specifically for people who are building a custom home. The first part of the loan is distributed by the lender in periodic "draws" as the project crosses certain milestones, such as the construction of the foundation, framing, roof, and so forth. When the home is finished, the construction-to-permanent loan converts into a permanent mortgage.
Flagstar Bank can provide all the construction lending guidance and financing you need, no matter what mortgage option you choose. In partnership with Hanley Wood, Flagstar will credit you up to $750* toward the cost of your home plans. It's easy to quality - simply finance the construction of your new home with Flagstar. Learn more about Flagstar or apply today here, or ask a Hanley Wood customer service representative for details.
Flagstar Bank is one of America's largest savings banks and one of the nation's largest originators of residential mortgage loans.
About Flagstar Bank
Flagstar Bank is a leading national lender known for construction lending experience, helpful loan officers and a smooth, hassle-free process. Not just anyone can guide you through the financing it takes to turn your dream home plans into reality, but the professionals at Flagstar will make things easier by walking you through our wide array of construction lending advantages:**
Programs requiring as little as 5% down ...extremely competitive interest rates...custom construction draw schedules...long-standing construction lending expertise...and peace of mind from working with one of the nation's largest residential lenders and federally chartered savings banks.
Give your dream a happy ending; choose Flagstar for home construction financing you can bank on.
DISCLAIMERS: *Just send Flagstar a copy of the invoice for the home plan(s) you purchased and we will credit your discount at your Flagstar loan closing. Copy of invoice with coupon must be received by date of loan closing. Offer expires 12/31/08. For offer details call (866) 372-7772.**Eligibility for all programs is subject to credit approval. Underwriting terms and conditions apply. Program subject to change without notice. Some restrictions may apply. One credit per customer. Flagstar Bank is not related to Hanley Wood, LLC. Equal Housing Lender.
