• 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.

SUBSCRIBE to my YouTube channel if you want to learn about real estate, home ownership, or living in the Tampa Bay area: https://goo.gl/XStcGM

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


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

SUBSCRIBE to my YouTube channel if you want to learn about real estate, home ownership, or living in the Tampa Bay area: https://goo.gl/XStcGM



INSTAGRAM: https://www.instagram.com/melanielovestampabay/

FACEBOOK: https://www.facebook.com/melanielovestampabay

TWITTER: https://twitter.com/melanietampabay

SMITH & ASSOCIATES: https://melanieatkinson.smithandassociates.com/ 🎧 LISTEN ON THE GO WITH MELANIE'S PODCAST 🎤


ITUNES: https://goo.gl/TGQrW7

SPOTIFY: https://goo.gl/y6T1i4

GOOGLE PODCASTS: https://goo.gl/C7BcAx

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

DISCLAIMER: All content provided on melanielovestampabay.com and the Melanie Loves Tampa Bay YouTube channel/social media platforms is for informational/entertainment purposes only. The owner of Melanie Loves Tampa Bay makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. Information provided is subject to change, please consult Melanie directly or another licensed real estate agent to receive the best expertise for your specific situation.

The owner of Melanie Loves Tampa Bay will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.

9 views0 comments