My construction loans go smoothly when they start with a phone call before anything is signed. You don't need everything figured out. But a few things make that first call a lot more useful.
1. Where you're building
The address or general area of the lot, and the state. If you already own the land, tell me roughly what you paid and when. Land you own can count toward the build.
2. Who's building it
The builder's name, if you have one. Your builder needs to be approved before closing, so the sooner I know who it is, the sooner my team can reach out.
3. A rough budget
It doesn't need to be final. A ballpark for the build and the lot is enough to start. We'll firm it up with the builder's contract and budget later.
4. How you'll use the home
Primary home, second home or investment property. All three are eligible, but it changes how we structure the loan.
5. Your timeline
When do you want to break ground? Plans, permits and builder approval all take time, so working backward from that date helps.
6. How you'll qualify
This is a full documentation loan, so think about your income, assets and credit. If you have significant assets, they can be used as income.
The mistake I see most
People sign a builder contract first and call a lender second. Then the budget or the builder doesn't line up with what the loan needs, and everyone scrambles. Call first. It costs you nothing, and it can save you weeks.
If you're thinking about building, send me the short form or call or text 410-336-8432.
Neil Bourdelaise, NMLS #476326. Not a commitment to lend. All loans subject to credit approval, property approval and program guidelines. Terms subject to change.