Building New Construction Homes 🏠 How to Get Financing / Loans | MELANIE ❤️ TAMPA BAY

Many of you may be looking to build that dream home, but you're gonna need to pay for it! Special guest in this edition of Melanie Loves Tampa Bay: Shawn Eckley / Vice President at BB&T and expert in construction loans is here to answer your questions about getting financing for new construction homes.

Construction-to-permanent loans combine your lot and construction financing in a single loan. When your home is complete, the lender modifies your construction to a permanent mortgage. There is one upfront closing and only one set of closing costs.

There are typically two scenarios for construction-to-permanent financing.

1) You own the lot already and find a builder
2) Find and purchase a lot while working with a builder

Shawn recommends that anyone looking to build their own new construction home select a builder before purchasing the lot, as once you put a contract on the land - you likely will only have 45-60 days to close, and it can take at least that long to find a builder.

Some builders in the Tampa Bay area own vacant lots with a home already planned for the property and they are looking to connect with buyers. That was the situation when I built my custom home, which made that part of the process a little easier.

Expect lenders to require at least 20 percent as a down payment on construction loans, with that percentage rising on loans over $1 million. Many lenders are getting away from 10 percent down payments on construction-to-perm loans because it's tough to get mortgage insurance since the home isn't completed yet.

Lenders such as BB&T handle draws (scheduled payments to the builder) as work is completed on the home and inspected.

Construction loans can also be utilized on purchase-remodels for home buyers interested in properties in need of renovations.

Buyers make interest-only payments until the home is completed, and there are several different fixed-rate and adjustable-rate mortgage products available.

Contact Shawn Eckley if you are looking into building a new home or buying and remodeling an older home - he is able to service customers in any area where BB&T has an office.
NMLS ID: 415207
Mobile: 813.293.8093
Office: 813.314.3218
Email: sEckley@bbandt.com
https://www.bbt.com/seckley

More about BB&T's construction-to-permanent loan program: https://www.bbt.com/lending/mortgage/building-a-home.page

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Melanie is a Tampa Bay area Realtor with Smith & Associates. She loves Tampa Bay area area, houses, and helping clients buy and sell real estate.

Email: matkinson@smithandassociates.com
Call/text me if you are looking to buy / sell a home in the Tampa Bay area! 813.368.6084

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