In todays market there are many different lending institutions, criteria and programs available. To locate the best rates and programs for your situation call at least two banks and a mortgage institution as well. This will give you a good idea of current interest rates, loan fees and programs that may be available. Make an appointment with the institution you feel has the best rates and program and go armed with income and expense information. The loan officer will be able to give you a "ball park" figure on what you will qualify for (how much you can borrow and the approximate payment you would have).

Once you have established what you want to spend on a new home you can proceed. Financing can often be confusing and we are more than happy to assist you in any way possible. We are familiar with many of the local institutions and their policies and are capable of answering many of your questions concerning the process. Always, our first loyalty remains with our clients and what is in their best interests. Further more, all lenders need completed, detailed information regarding the project which we supply as soon as you are ready to begin.

Be sure to set a budget for yourself you are completely comfortable with and stick to it! A good builder can provide you with a floor plan that meets both your needs and budget. When developing a site, generally speaking, a lending institution will allow 30% of the total value be applied to the land and 70% be applied to the home and development costs. For example: If the entire land home package was valued at $100,000 you could spend no more than $30,000 on the land and $70,000 on the home and improvements (sewer, water, power etc.). Most financial institutions require approximately 20% of the total cost of the project as a down payment. The exception to this rule would apply to special programs they may be offering such as programs for first time home buyers. If you currently own a home or have purchased a lot, the equity you have already established is usually applied towards the down payment. Again, each institution has it's own criteria which dictates their policies so check several to locate the best program for your particular situation.

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