New construction mortgages can be somewhat different from typical purchase loans, and while these loans are somewhat more complex, they do not have to be any more difficult than a regular loan.
Unless a buyer is using cash, or a significant portion of cash, all of our full-custom new homes are financed with construction loans. Construction loans close at the beginning of the project, and disburse funds throughout the term of construction and converts into a end-loan product of your choosing when construction is complete.
Unlike full-custom homes, semi-custom and spec home financing is generally accomplished though normal end-loan mortgages, with a closing after construction is complete. Deposit requirements differ depending on the level of customization, and are generally negotiated prior to entering into the purchase agreement.
For more information on financing options, visit our Preferred Mortgage Partners.