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Whether you're planning to build your dream home or just thinking about it, we can help. We can answer your questions, and guide you through the loan process. We'll be with you every step of the way from framing your front door to turning the key. At G&M Mortgage Services, Inc., we're home construction lending experts. We can answer your questions and your builder's questions so your project keeps moving smoothly from groundbreaking to housewarming. Our Construction-to-Permanent Loan is based on ordering an appraisal based on the future value of the home. That's right I said future appraised value of you home. We can lend 90% of the future appraised value of a primary home, and 80% of the future appraised value for a spec home. The construction loans is based on the actual cost which can include the purchase of the land.
We can offer new construction loans on the following property types:
- Primary Homes
- Second Homes
- Modular Homes
- Spec. Homes for Builders
- Complete Rehabilitation
This means with one application, you get all the financing you need in two easy processes your construction and permanent loan. Below you will find the list of items you will need to get your construction loan started.
- Plans and Specifications
- Plot Plan
- Proof of a Land contract or a Deed
- Proof the Land is build able from your local Building Inspector
- Title Commitment (G&M can order title for convenience)
- Homeowners Insurance
- Line item list of all cost to build your project
Terms of the construction loan are for 3,6,9,12, or 18 month periods. This loan program offers interest only (up to 5 draws) 30-year amortization.
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