Financing Your Custom Home
A custom home is not out of reach with RVision Homes.
We offer many financing programs. Call or email a BOYL Specialist today to discuss and schedule a visit at (281) 844-2887 or firstname.lastname@example.org .
Financing Challenges Of Home Building
The steps to get the site ready for building can add thousands to the purchase price of your home and land and even make building a home out of your budget. You might think that extra costs can be absorbed into your mortgage, but financing a custom-built home on your own land is different than buying a pre-existing property or a new home from a developer. Conventional mortgage loans are not usually available on properties you build or that are built for you, as this type of construction represents more risk for the lender.
Unless you are paying cash, you will need a short-term construction loan which involves higher interest rates than traditional mortgages. After completion, you can refinance your construction loan into a permanent one that includes the cost of your home or obtain another loan in addition to the construction loan to cover the costs. If you are building your home yourself or you are acting as your own general contractor, you may have difficulty obtaining a reasonably priced construction loan. Most loans on custom-built homes also require a much higher down payment (usually up to 25%) than traditional mortgages.