• Melanie Loves Tampa Bay

Building New Construction Homes 🏠 How to Get Financing / Loans

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.


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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. She can be reached at 813-368-6084 or matkinson@smithandassociates.com


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