Construction Lending Q & A’s

Join us for a discussion about a new construction draw loan through Prime Lending.

 

What type of loan will I need in order to build with Buffalo Modular Homes?

 

What forms, information and paperwork will I need to provide in order to gain an initial pre-qualification?

 

How long does an initial pre-qualification take?

 

Is a new construction draw loan different from a regular mortgage?  If so, how?

 

I own my land outright.  Can I use my land to cover my down payment requirement?

 

What kind of customer service can I expect?

 

I have my building contract in place and I’m ready to close my loan, what can I expect?

 

Closing your loan, part 2.

 

What are the costs like on a new construction draw loan?

 

What’s the interest rate like during the construction period?  Is the APR much higher?

 

Can I start building before I sell my current home?

 

What if I want to keep my current home and rent it out, is that allowed?

 

Why would I choose Prime Lending for my new construction draw loan?

 

What if my credit isn’t great, can you help me repair it so maybe we can build next year?

 

What if it’s going to take a little bit of time to start building, can I lock in my interest rate?

 

Talk to me about the loan application process..

 

What’s my typical down payment requirement with a new construction draw loan?