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Craft Homes Financing: Building Your Dream Home, One Loan at a Time
Loan Options
Craft Homes Inc works closely with specific banks that offer fast and low-interest rate loans, ensuring that you have access to competitive financing options tailored to your needs. Our partnership with these banks allows us to streamline the loan application process and provide you with expedited approval times, so you can start building your dream home sooner.
Whether you're interested in traditional mortgage loans, construction-to-permanent financing, or specialized loan programs, our team will work with you to explore all available options and find the best solution for your unique situation. With our network of trusted banking partners, you can rest assured that you'll receive excellent service and favorable terms throughout the loan process.
Connect with one of our trusted banking partners today to explore our diverse loan options and discover how Craft Homes Inc can assist you in securing financing for your new home construction endeavor.
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FAQS
Can I use my lot as my down payment? How does this work?
If you already own the lot where you plan to build your home, you may be able to use it as part of your down payment. Each construction loan product has different guidelines regarding using lots as equity. Typically, an appraisal is conducted to determine the value of the combined property once your home is built on the lot. The value of your lot can then be factored into your loan, potentially reducing the amount of cash needed upfront.
When do I lock my interest rate in on a one-time close construction loan?
Your interest rate is typically locked in before construction begins. This means that you'll have the same interest rate throughout the construction process and after your home is complete. By locking in your rate early, you can secure favorable terms and avoid potential rate fluctuations.
What are draws?
Draws refer to disbursements of money made to the builder at designated stages of construction. These stages may include milestones such as the completion of the foundation, framing, drywall, and final inspection. You only pay interest on the amount drawn, which can help manage costs during the construction process. Draws ensure that funds are released in a controlled manner, aligning with the progress of your home's construction.
Should I have the lender check my credit if I’m not sure I’ll qualify?
If you're considering construction financing but are unsure if you'll qualify, it's recommended to have the lender check your credit. A credit check allows the lender to assess your financial situation and determine your eligibility for pre-qualification. If you don't currently meet the qualifications, the lender may offer tips to improve your credit score or recommend alternative financing options.
Does pulling my credit drop my score?
While excessive credit pulls can impact your credit score, mortgage inquiries are treated differently by credit bureaus. Multiple inquiries related to mortgage applications within a short timeframe are typically treated as a single inquiry, minimizing the impact on your credit score. Rest assured that inquiries related to mortgage applications are necessary steps in the home financing process and are unlikely to significantly affect your creditworthiness.
How much are closing costs?
Closing costs vary depending on factors such as the loan amount, loan product, and your financial situation. During your consultation with a Craft Mortgage Loan Officer, you'll receive an estimate of closing costs based on your specific circumstances. This will help you understand the expenses involved in closing the loan and plan accordingly.
What is a pre-qualification and why is it important?
ButtonA pre-qualification is a vital step in the home building process. It involves completing an application and submitting financial documentation to your loan officer for review. This helps determine the amount you qualify to borrow for your home, along with details such as down payment, closing costs, and projected monthly payments.
Understanding Construction Loans
Construction loans are a specialized form of financing designed specifically for building new homes. They differ from traditional mortgage loans used for buying existing houses in several key ways.
One significant advantage of construction loans is the ability to combine your land and home into one loan, simplifying the financing process. Additionally, with a construction-to-permanent loan, you may save money by locking in interest rates before construction begins for the life of your loan. This can provide peace of mind and protection against potential rate increases.
During the construction phase, you typically only make interest payments once a month, and you only pay interest on the amount that has been dispersed to the builder. This helps manage costs during the construction process and ensures that you're only paying for the funds you've used.
A draw schedule is used to disburse funds to the builder at designated stages of construction. These stages may include milestones such as the completion of the foundation, framing, drywall, trim, cabinets, and final completion. The mortgage lender conducts their own inspections in conjunction with the draw schedule to ensure that construction progresses smoothly and meets quality standards.
At Craft Homes Inc, we partner with Arthur State Bank, The Peoples Bank, and Community First Bank. These partnerships ensure that you receive the best possible financing options and services tailored to your specific needs. Our partners utilize the latest technology to streamline the time between completion of each phase and inspection. This helps ensure that your project stays on schedule and that your home is built to the highest standards of quality and craftsmanship.
Contact us today to learn more about construction loans and how Craft Homes Inc can help you finance your new home construction project.
Build on Your Own Land
Craft Homes Inc understands the importance of building your dream home on your own land. Our team is dedicated to supporting you through every stage of the process, from securing financing to bringing your vision to life on your chosen property.
With Craft Homes Inc, you have the flexibility to select the perfect location for your new home. Whether you've already acquired land or are in the process of finding the ideal plot, we're here to assist you every step of the way.
Explore our financing options tailored specifically for building on your own land and learn more about how Craft Homes Inc can help you realize your dream home. Contact us today to schedule a consultation and begin the exciting journey of building on your own land.
Pre-Qualify
Craft Homes Inc offers a no-cost, no-obligation consultation with a Loan Officer from our trusted financing partner. This service provides you with an estimate of what you might qualify for, taking a diligent and thorough look at your financial situation. It outlines your future payments and purchasing power to build your dream home. With a pre-qualification from Craft Homes Inc, you can move forward with confidence and an accurate view of your financing capabilities.
You can easily pre-qualify through a Loan Officer, who will help guide you through the financial aspects of building a home. Alternatively, you can use the provided link to pre-qualify on your own. Your Loan Officer will discuss the particulars of your loan, explain the process, recommend the best loan option for you, and address any questions you might have. They can also discuss how your land fits into the building and financing equation.
Please note that when you choose to work with Craft Homes Inc, you have the option to select the mortgage lender of your choice.
Contact us today to schedule your pre-qualification consultation with Craft Homes Inc and take the first step towards building your dream home.
ready to build your dream home?
Schedule Your Pre-Qualification Consultation
Ready to take the next step towards building your dream home? Schedule a no-cost, no-obligation consultation with one of our experienced Loan Officers today. Get an estimate of what you might qualify for and gain valuable insights into your financing options. Whether you're a first-time homebuyer or looking to upgrade to your forever home, we're here to help you navigate the financial aspects of building a home. Click below to schedule your pre-qualification consultation now.
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