There are some people that bought vacant land because the price was right, and maybe “one day” they might build a new house. Others bought lots as an investment, and are still trying to figure out what exactly they should do with the property? If you said “one day maybe I’ll build”, this may be the best time ever.
Whether you own land already or not, here are two great ways to get financing you may not know about.
All State Homes in Tampa says “just about across the board, our customers haven’t spent one penny to start construction of their new home.”
How It Works: You see when you own land, the land itself will become your money down, per say. Instead of the bank you’re financing through, saying you’ll need to come up with a substantial down payment, instead they’ll use your land as the “down payment” and you end up paying nothing out of pocket.
What If You Don’t Own Land Yet? All State Homes, Inc. offers the only FHA construction to permanent loan available in Tampa, Florida. To a lot of people that sounds like a foreign language. Let me explain. The benefits of an FHA loan are a lower down payment (if you have one), lower costs/fees associated with the loan and more relaxed credit qualifying guidelines.
The benefits of having ONE loan, from construction to the time your home is a permanent structure (we call it “construction to perm”) are huge. First off you have only one closing which encompasses the entire construction project. This equates to you as one closing, one set of paperwork, one set of fees. There are no payments whatsoever during construction and you as the buyer, are fully closed prior to construction. For the first time in a long time, buyers are “able” to secure financing with an FHA mortgage where as before the constraints conventional financing has made it impossible for so many to qualify.
The dream of building your own home, the “maybe one day” just got very attainable as well as very affordable.
If you’d like to see available floor plans, pricing, or receive more information on what All State Homes can offer you please contact us.