Opting for a new construction loan for building your dream home over a conventional mortgage loan for an existing home purchase has its advantages. From the ability to customize the home to lower repair and utility costs, Florida construction loans sometimes just make more sense.
Do you own acreage or a lot just waiting for you to build your dream home? We have the best construction loans in Florida that provide up to a 95% financing loan for building a house. Plus, you can apply existing equity in your land toward your down payment! Stop waiting for the perfect time to grab your construction loan and finally have the Florida home you've always wanted.
The key to a smooth construction loan transaction is to leverage the expertise of a seasoned Florida mortgage loan specialist and partner with a licensed general contractor that has established himself/herself as a reputable Florida home builder that can be approved and vetted by the lender.
The Construction-To-Permanent loan program is designed to finance the construction phase of your home, including a single loan closing at the beginning of your project rather than closing multiple times like in traditional mortgage loans.
Benefits
Construction mortgage interest rates are rising. Why not lock in your interest rate at the beginning of your construction process instead of having to wait nine months and hoping interest rates won't disqualify you for qualifying for your new loan.
Since you close on your permanent loan at the beginning, you don't have to requalify later with rising interest rates. Plus you won't have to provide updated income and asset documentation or worry about job changes between now and the nine-month period.
When you close on your construction loan in Florida at the beginning of the process, our single close option provides both the interim construction loan and the permanent 30-year loan under one promissory note and one mortgage. Done!
Even if you don't already own the land, you can still have a single loan. We can incorporate both the land and the construction into one Florida construction loan. The maximum loan to value will be driven by the loan program, such as Conventional, VA, FHA, or USDA.
Our one-time closing for residential construction loans in Florida effectively saves you money and time with just one closing. But how do one time close construction loans actually work?
That's it! One time close construction loans for Florida mortgages are that simple.
Getting approved for a Florida construction loan might be easier than you think. Below are some points to keep in mind.
If you're wondering "what FICO score is needed for a construction loan?" we can help. You might be surprised to know that you can usually get approved with a score in the upper 600's!
Did you know that you can still get a Florida construction loan if you are self-employed? Some people think that you must have a W2 to prove income for new construction loans in Florida, but you don't! Contact our mortgage specialists for more information.
We have Florida construction loans that cover up to 100% of the construction cost. That means, you might not need to pay a large upfront downpayment depending on your income level, FICO score, and qualifying program.
Many of our new construction loans allow you to include a lot loan. Florida is an amazing place to find large acreage and small lots to meet your needs and budget. So why not wrap up your new lot and new home in one mortgage loan?
Florida Mortgage Providers, Inc is an experienced a mortgage broker based in sunny Florida. If you're in need of real estate loans, contact our team of mortgage loan specialists to learn about your financing options. Let’s work together to get you the home loan that fits your needs.
Licensed Mortgage Specialist
NMLS #349296
Giles Wardian
Central Florida Office
Oviedo, FL 32765
Phone: (407) 963-1151
E-mail: floridaaps@gmail.com
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