Step-by-Step Process for New Construction Loans

Step-by-Step Process for New
Construction Loans

Are you dreaming of building your own home but have no idea where to start? Everyone who is having a house built for the first time has complications navigating the process of financing a new construction home. So, we thought it would be helpful if we wrote you a step-by-step guide on navigating the process of getting funded, finding the right builder, obtaining a construction loan, and having your home built. Here is a step-by-step guide to financing new construction, as well as answers to a few commonly asked questions about new construction loans.

Get Pre-Approved

The first step to buying any home is getting financed. Your realtor and builder need to know how much you are approved for so they can work within your budget. Also, remember your mortgage should not be more than 29%-31% of your income. A standard mortgage loan won’t do the trick. You need what is called a construction loan. When it comes to building a new home you often need to find the land as well as a builder. That is where our next step comes in.

Building a home can be expensive. We know. Many components go into building your dream home such as roofing and windows. We know you are on a budget. No problem. We are happy to work with any budget without losing the quality of the material. Perhaps you think building your own home may not fit into a budget, talk to us. We promise through our partners that we will do the best we can to find you the financing you need so you can finally have the home you have always wanted.

Find A Great Agent

It would be best if you had land to build a house on. That is where a realtor comes in. Find yourself an experienced realtor that can help you navigate the world of buying land. When it comes to undeveloped land, you can deal with things like flooding and other property problems. That is where having someone who is experienced comes in. It may be tempting to have this step be a little more Do-it-yourself, but having an agent means you will have someone on your team when it comes to buying land. They will also help find you someone who can survey the land as well as other small tasks. Jeff Miedema Homes works with many great real-estate agents every day!

Call Jeff Miedema Homes

Now that you know what you can afford, and you have assembled your real-estate team, you’re ready to find a builder! Jeff Miedema builds many homes you can buy new, but he will also guide you in making your dream home a reality. We work with several architects who can draw a custom home, or we have several plans from which to choose. We work with everyone from surveyors to real estate agents to financing sources; we can help you locate land as well as tie the land purchase and construction together. We can also purchase land on behalf of buyers, provide funding for and construct the home, and bring it to completion. The buyer will only need to qualify for an end loan, alleviating much of the cost and stress and financing the home build. We have the quality that we have worked with for many years. The materials with which we build your new home are the highest quality and purchased from local vendors.

Here are the services the Jeff Miedema team can help you with:

• Land Purchase: Locate and include in cost of construction.
• Financing: We can pair you with financial and real estate experts.
• Custom Design: Architects that can design your dream home.
• Quality Subcontractors: We only work with the highest caliber subcontractors.
• Premade Design: We have already designed projects to choose from.
• Local Materials: We source our building materials and supplies locally.

As you can see, Jeff Miedema Homes can help guide you through building your new home so you can take a sigh of relief. Have you been pre-approved and are now ready to build your new home? Contact Jeff Miedema Today!