What are my options for financing?
The owner of the land or lot carries the construction loan during the build. Envision Contracting is willing to builder finance on a case-by-case basis. Most cases where a customer wants to build in an established neighborhood, the home can be financed by Envision Contracting during the construction phase. In either scenario Envision Contracting collects deposit for services when contract is signed.
A bank typically requires a signed contract with a builder and construction documents or house plans in order to process the loan. Along with the contract, Envision Contracting includes a very detailed list of specifications and allowances agreed upon during the Professional Services Phase. Custom homes are unique, and we have found this list of details allows you to set your home apart from the rest during the bank’s appraisal. Once construction has begun, the builder will call for “draws” or payments at different milestones. Each draw reimburses a percentage of the costs needed to cover that phase of building. Most banks offer an 80% loan of total appraised value of house and land combined. This loan amount, however, can vary bank to bank. It is actually a very simple process, and we will be happy to answer any questions you may have.
For a builder financed build, Hines Homes will go through the same process to receive a construction loan. The buyer will close on home once the home is completed through the traditional mortgage process.
How long does it usually take to build?
On average, it can take anywhere from 4-10 months from contract to completion depending on your plan. However, that all depends on product availability and any unforeseen delays like weather.
How many homes do you build at a time?
We only take homes that we can efficiently manage on a day-to-day basics. We are not a builder that just takes on a new client to do so. If we are at our max with managing new home builds then we are happy to give you a timeline of when we would be able to begin your new home. If you wanted to wait, then you would be put on a wait list.
When should I apply for a loan?
At the contract stage- we have a preferred lender, and you will need to start the process of securing a loan just as soon as you have a contract to purchase your home.