Thinking of Builing a Home?
How Much Can I Borrow?
The construction of your home can be done with 10% down or LESS. The equity in your land can be used as the downpayment. The loan amount is based on the appraised value of the home you are going to build and the land that you already own.What kind of financing do I need to build my home?
First, you need a construction loan while your home is being built. The construction lender will release funds to the builder as the home is completed. Second, you will need a permanent mortgage to pay off the construction lender once the home is complete. We now offer the ability to do just one loan for both purposes with what is called a modification. Please call a First Financial Loan Consultant for details.How do I know how much I can afford?
Call First Financial and speak to a Loan Consultant for a free, no obligation pre-qualification interview. Or you can now do this on-line by clicking on the qualify link here.Do I have to own my land free and clear?
No, you can owe up to 80% of the value of your land. Your lot loan will be paid off when your construction loan closes. Up to 50% of the construction loan amount can go towards the lot loan payoff.What if I don't own any property yet?
You can close on your lot purchase at the same time as your construction loan. Your downpayment for the lot purchase is only 20%What if I am purchasing a large tract of land and would like to build on it?
"One-Close" construction loans are available for larger tracts of land with 20% down.Can I do my own construction?
"Class A" builders are preferred, but you can do all or part of the construction yourself. This allows you to do as much or as little as you want on the contruction of your home.Can I be assured of a certain interest rate?
Extended locks are available on most programs, for up to 270 days.What if interest rates go down before I finish construction?
Our extended locks have a "float down" feature. If rates are lower within 60 days of the completion of your home, you can "float down" to the lower rate.What if I want to build a modular home, or put in a manufactured home?
Many of our programs allow for all types of manufactured housing (modular, doublewides, etc.) Ask a Loan Consultant about programs currently availalbe.
As always we welcome you to phone us with any questions or comments that you may have and if you're in the area please stop by and say "Hi".
130 Scruggs Road, Suite 203
Moneta, VA 24121
Phone: (540) 721-0010 or Fax: (540) 721-0285
Toll Free: (800) 804-0808
