Frequently Asked Questions

I am not sure I can qualify for a new house
We can help you find out exactly what you can qualify for. Your only cost is cost to run a check on your credit. No obligation, but a lot of opportunities for you.

Do I need a down payment?
If you are located in OK you do not need a down payment. In all other states 10% down payment is a must (we can do a bridge loan, refinance you current property or provide you with a HELOC – all these to get you the necessary cash for the down payment). We try to structure your finances so that you do not have to come up with out of pocket money for construction loan, nor for the permanent financing, unless you really want to. Since every situation is different, we encourage you to talk to one of our Loan Officers. They will be able to see the big picture and explain all your options to you so you can make an educated decision.

Do I need to buy a lot or land and only then get a construction loan?
It’s not necessary. If you already have a lot or land to build on — that’s great, but we help the majority of our customers to get a construction loan and, using its funds, to buy the lot or land they desire.

Do I have to make payments during the construction period?
Yes, but you may write a check from your construction account. The cost of a construction loan (and other bank charges) should be calculated into the construction expenses. You have to make quarterly payments of interest only.

Who is in charge of construction loan funds?
You are. You write checks from your new checking account, just like from your personal check book.

Do we need to sell our current home before building a new home?
No, you do not have to sell the house before you start building. You can sell or lease it out. Consult with us first, and we will be able to determine whether or not you qualify, and for which loan program. If you need the proceeds from the sale of your current house to fund part of the construction cost, you'll have to sell your current residence prior to, or simultaneously with, the funding of the construction loan.

How long do I have to complete my project?
Most of our lenders will allow up to 12 months to complete a construction or a rehab project.

Do I need to look for a mortgage after the construction is complete?
No, take it easy, we will take care of all this. This is what we specialize in: construction loan/mortgage combo! So you are in good hands; we have done it many times before.

Can I get a construction loan to remodel my house, add some sq.ft.?
Absolutely, this is possible and we have done it many times.

Does a remodeling construction loan works just like a new construction loan?
Pretty much so. We will be happy to explain it all to you.

What kind of documents are needed for the construction loan?
Typically, it is a completed 1003 application, a photocopy of your DL and SS cards, complete tax return copy for the past two years, three months of bank statements, and three most recent pay stubs. For the self-employed there are additional documents: a letter from a CPA stating that you have been self-employed for at least 2 years at the same location in the same line of business; and sometimes business tax returns for the last 2 years.

I write-off all I can on my taxes, will it become an obstacle for me to get a construction loan?
No, by law the banks must have a copy of your tax return on file. However, banks lend you money mainly based on our approval of your future mortgage, your credit score and net worth.

What if I need more money to finish the building?
Not to worry! It happens frequently when people add room or upgrade. We will be there to help you; we'll order the new appraisal and increase the loan amount.

Do I have to be rich to build a new home?
Not necessary, even thou it will be nice. Most of the people we deal with are not rich, but everyday people, just like us. With our creative financing it is becoming easier for a regular person to own a new house.

How do I put the budget together?
We have a list of common expenses for any new home. Please check it out; it is a good first draft of total costs that you are going to face in your construction/remodeling project. Click here to view the PDF document.

I have more questions, how do I contact you?
You may contact us via email, phone or fax. You will find this information on the contact page.

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