Florida Construction Loan Programs
The most important step in getting a Florida
construction loan is choosing a loan officer.
Specialists are needed for a Florida construction
mortgage loan for the same reason that you
wouldn't go to a family practitioner for heart surgery.
You shouldn't get a Florida construction loan
from just any Mortgage
Lender, you really do want a specialist.
Construction loans are structured and paid out differently
than other kinds of Florida
Mortgage loans. Only a loan officer with experience
in Florida construction loans should be trusted with yours.
At first Continental Mortgage, we have been helping
clients get low cost Florida construction mortgage loans for
building new custom homes or substantially renovating
their existing homes for a decade.
Florida Construction Loans
Designed For Borrowers Who Are Planning On:
- Building a new primary residence
- Building a vacation home or second home in Florida
- Making major renovations on to an existing property
- Constructing rental houses or income property
The construction loan programs we offer
are really three loans in one: a land loan, a construction
loan, and a permanent loan. Obviously, construction
loan applicants save time and money by closing once
instead of three times. The principle advantage of receiving
a Florida Construction Loan is the
big savings on closing costs, since it is only closed
once, and the ability to pay interest only on only the
funds used during the construction period.
Benefits of Florida Construction Loan Programs
Offered by FHAMortgagePrograms.com
- Low Cash to Close - First Continental Mortgage has
many construction loan mortgage programs
with minimal cash requirements to close. This program
is ideal for borrowers who have had to make costly
short-term housing arrangements during the building
of their new home and may wish to preserve cash on
hand for moving expenses.
- Keeping Custom Home Options Affordable - The borrower
Only on that portion of the construction loan
that has been paid out to the builder. The structure
of Florida construction loans works to the
advantage of the homeowner and lowers costs. At the
same time, the builder is paid as work is completed
and does hot have to tie up funds waiting for closing
which can reduce the price of a custom home.
- Homeowner and lender have leverage over the quality
of work performed - The structure of a construction
loan requires inspection of the work before funds
are released to the builder. Although few issues arise
with reputable builders, contractors, and subcontractors,
it should be a source of comfort to borrowers that
the structure of a construction loan gives the homeowner
and lender full control over the purse strings.
- Florida Construction Loans with
Rate Lock - With a typical site built home taking
between 6 months and a year to build and interest
rates fluctuating daily, many of our Florida construction
loan clients want the security of knowing exactly
what their interest rate will be well before the county
issues their certificate of occupancy and their financing
becomes permanent. We have rate lock options that
can help to ensure clients are financing with a predictable
interest rate before construction begins.
- Construction Loans for Florida custom Home
Buyers with float down provisions - Nothing makes
a mortgage customer more upset than to be locked into
a loan when interest rates have moved sharply downward
during the construction of the home. Many of our best
construction mortgage loan options include a
provision for float down so that a borrower may re-lock
at the new lower interest rate.
- Florida Construction Loans with Optional Interest
and Contingency Reserves - Supporting the expenses
of two households can be a budget buster during the
months when a new custom home is being built. Our
construction loans typically include an interest reserve,
which frees those building from having to pay interest
charges out of pocket during the construction phase.
Some people prefer to pay the interest on their construction
loan as it accrues and most of our programs will allow
for this option.
We have Florida construction mortgage loans
that will lend up to 95% of the appraised value
with no construction fees or application fees. To learn
more about the construction loan option best for you,
call 1-954-667-9110 or use our quick
application form. We will be happy to have a construction
loan specialist call you when it is most convenient
We know the nuances and the pitfalls of the Florida
construction loan inside and out! Why not give us a
call today at 1-954-667-9110!