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 New Construction Financing FAQs Click here to go back to the main "Lending Programs" page |
What types of programs are available for new construction financing? When building a new home there are two main alternatives for financing. The first alternative is a single-close construction loan, which is treated primarily as a purchase transaction. The second alternative is a two-close construction loan, which is treated much like a refinance. |
What program is right for my circumstances? Each individual has different requirements but the key to new construction financing is flexibility. Our goal is to design a financing plan that can obtain your objectives with the greatest amount of flexibility. For Robar to suggest which program is right for you would be poor advice on our part until we have reviewed your objectives, goals and financial picture. |
If I choose to build, what are my out of pocket expenses? Your out of pocket expenses will vary depending on which program is designed to meet your needs. Part of the process of designing a new construction loan is taking into consideration the amount of cash you have available and the amount you wish to use. |
What other factors are taken into consideration for new construction financing? In addition to the amount of cash you have available, we also have to address: A) your current housing circumstances, B) whether you own land or do we need to roll the cost of purchasing that into the financing, C) are you doing any work yourself, and D) are you acting as your own general contractor. |
Before we start spending money can we get some ideas of our options? Robar recommends that before you go too far into the building process we begin the initial financing review phase. This is a free service that gives you a broad outline and general numbers prior to actually designing a house plan. To get things started you can complete the online application form (it takes no more than 7-8 minutes and this is a secure site) or call us toll-free. Upon receipt of the completed application we will contact you to begin the process of addressing your concerns/questions and outlining the alternatives available for your new construction loan.As you have further questions or comments do not hesitate to contact Robar toll-free at 888-997-6227. |
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| Registered Mortgage Broker and/or Lender: NY (Lic. No. A015908), NH (Lic. No. 8687-MBB, Licensed by the New Hampshire banking department), MI (Lic. No. FL0949), MA (Lic. No. MB-1273), ME (Lic. No. SLM8084), IN (Lic. No. 96-0181), PA (Cortland 15424.001, Hamburg 15424.002, Pa Branch 15424), CT (Lic. No.7760, Lockport FMLB 16891), VT (Lic. No. 5189, Broker Lic. No. 0295, Lockport Lic lender #5734, broker #0682) Banking Departments. Mortgages arranged through Third Party Providers. |