Home construction loan programs are specialized financing options designed to assist individuals in building their dream homes from the ground up. These loans provide funds during different stages of construction and typically transition into a permanent mortgage once the construction is complete.
Pros:
1: Tailored financing: These programs offer flexibility to accommodate the unique financial needs of construction projects.
2: Funds for construction phases: They provide funds in stages, allowing for timely disbursements as construction progresses.
3: Lower initial costs: Initial payments are typically interest-only, reducing financial strain during the construction phase.
4: Customization options: Building from scratch allows for customization, ensuring the home meets specific design and functional requirements.
5: Potential cost savings: Constructing a new home can sometimes be more cost-effective than buying an existing property.
Cons:
1: Complex application process: The application for construction loans involves more documentation and scrutiny compared to traditional mortgages.
2: Higher interest rates: Construction loans often have higher interest rates compared to traditional home loans due to the perceived risks.
3: Additional fees: Borrowers may incur additional costs such as appraisal fees, inspection fees, and construction loan administration fees.
4: Strict requirements: Lenders may have stringent eligibility criteria, including higher credit scores and larger down payments.
5: Construction risks: Construction projects can encounter unforeseen challenges, such as construction delays or cost overruns, which can impact the loan repayment process.
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Testimonials
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"Dale has been of great benefit to our VA Home Mortgage planning, saving us time and money. I fully recommend him."Ron M.Ron M.55stars"Dale has been of great benefit to our VA Home Mortgage planning, saving us time and money. I fully recommend him."
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Carlos & Aubrey R.
2023-03-17"Buying a home is incredibly stressful, and for someone without a financial background securing a mortgage is the most confusing part. For some crazy reason we have put ourselves in the buying/selling position multiple times in the past 5 years...
Carlos & Aubrey R.Carlos & Aubrey R.55stars"Buying a home is incredibly stressful, and for someone without a financial background securing a mortgage is the most confusing part. For some crazy reason we have put ourselves in the buying/selling position multiple times in the past 5 years...
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Steve & Shanon M.
2023-03-17"We were looking at available options for possibly selling or refinancing our home. We initially tried working with our financial institution, but became frustrated at their inflexibility & disorganization. We decided to reach out to Dale b...
Steve & Shanon M.Steve & Shanon M.55stars"We were looking at available options for possibly selling or refinancing our home. We initially tried working with our financial institution, but became frustrated at their inflexibility & disorganization. We decided to reach out to Dale b...
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Emily M.
2023-03-17"I have been working with Dale for 21 years. He has taken part in the purchase of each of my properties both personally and professionally. He always responds quickly and with concise instructions on what is needed for my next investment. Throu...
Emily M.Emily M.55stars"I have been working with Dale for 21 years. He has taken part in the purchase of each of my properties both personally and professionally. He always responds quickly and with concise instructions on what is needed for my next investment. Throu...
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Valerie G.
2023-03-26"I confidently endorse and recommend working with Dale DeShaw. I have been fortunate to work with Dale three times in the past five years for financing and refinancing properties and not only has it had a positive financial yield but it was a p...
Valerie G.Valerie G.55stars"I confidently endorse and recommend working with Dale DeShaw. I have been fortunate to work with Dale three times in the past five years for financing and refinancing properties and not only has it had a positive financial yield but it was a p...
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Chris H.
2023-04-14"I have had the great fortune to be able to work with Dale several times over the last 20 years. Dale patiently walked us through our first home purchase, then a refinance when the rates dropped to the purchase of a brand new home. Dale always ...
Chris H.Chris H.55stars"I have had the great fortune to be able to work with Dale several times over the last 20 years. Dale patiently walked us through our first home purchase, then a refinance when the rates dropped to the purchase of a brand new home. Dale always ...

