At a Price You Can Afford!With the current banking situation, new home loans are not easy to get. Gone are the days when almost anyone could walk into a bank and secure a no money down construction loan. However, if you shop around you will find a bank that is willing to loan money on a new home. It is always best to start with the bank where you do your banking as they will know you and can look at past deposits, etc. It is good to shop around though and check other banks as well. Skip the internet if possible and go to local, and I mean local banks - they will give better service, be more honest, and will process the loan quicker. Usually! Keep in mind that a construction loan is not quite the same as getting a mortgage on an existing home. Banks have stricter rules and guidelines for these loans as the loan is "open" for several months due to construction vs. one that would be "open" for a few days as would be the case with a regular loan. Banks look at this as greater risk therefore require more from the borrower. At the end of the construction project, construction loans are converted into a regular mortgage. Your loan officer can explain the whole loan process and construction process, including draws, waviers, etc when you meet with him / her.Below are some banks that we have worked with that have given good service in the past.
