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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 pays Interest 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 for you!

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!