Southland Custom Homes - Custom Home Builder in Georgia

It is so much easier shopping for a new home when you know exactly how much money you have to work with, and what your payments will be. You can do this in about fifteen minutes by Pre-Qualifying online. There is no cost or obligation and your information is secure. If you don’t yet have land, you may discover that you can qualify to include your land purchase into your mortgage loan. If you have land chances are you will not need a down payment. Even if your land is not yet paid off, you may qualify to include a land payoff amount into your loan. We encourage you to Pre-Qualify now using our secure online form. Again, there is no obligation and all the information you provide will remain confidential.

FINANCING

You may choose to arrange for your own construction and permanent financing. If so, we will be happy to provide your bank with any information they need. Or, like many we have helped in the past, we can help you with this. Lenders we work with offer very competitive interest rates and closing costs. Plus, since we are an approved FHA/VA builder and a member of the Home Buyers’ Warranty Program, we can help expedite your FHA/VA application.

LENDERS OUR CUSTOMERS HAVE USED:

BB&T HOME MORTAGE
CENTRAL BANK MORTGAGE
COLONIAL BANK
F&M BANK AND TRUST
FAIRFIELD FINANCIAL SERVICES
FIRST CITY BANK
GREATER ROME BANK
INDY MAC BANK
LINCOLN CAPITAL ADVISORS
NORTHEAST GEORGIA BANK
OPTEUM MORTGAGE
REGIONS BANK
SUNTRUST BANK
UNITED COMMUNITY BANK
UNITED BANK
WACHOVIA BANK

FINANCING OPTIONS

Below we have provided general information about the home financing process. Please keep in mind that not all lenders offer all programs and many have their own special requirements for financing.

PRE-QUALIFYING

It is much easier to shop for a new home when you know exactly how much money you have to work with and what your payments will be. You can do this in just a few minutes by Pre-Qualifying online with us. There is no cost or obligation and your information is secure. If you do not yet have land, you may discover that you qualify to include your land purchase in your mortgage with little or NO MONEY DOWN with FHA/VA Down Payment Assistance. If you have land, chances are you will not need a down payment. If your land is not yet paid off, you may qualify to include the land payoff amount in your mortgage. We encourage you to Pre-Qualify now using our secure online form. Again, there is no obligation and the information you provide will remain confidential.

LAND PURCHASE & PAYOFF

All or some of the purchase price for land or a building lot may be included in your construction and permanent mortgage financing. If you do not own land yet, it is a good idea to pre-qualify to help you budget for your land purchase. If you already own land, any equity you have may be used towards your down payment and the land loan balance may be paid off at the construction loan closing if the equity can be supported by the lender’s appraisal.

DOWN PAYMENTS

Down Payments may be made with your own funds, equity in your land (provided the lender’s appraisal supports it) or a gift from a relative. Many 401K plans allow you to borrow the down payment for a home. Down Payment Assistance is available for FHA loans. Many non-profit and public charity organizations have been created to assist home buyers. The Down Payment Assistance is provided in the form of gift funds and does not have to be repaid. This little used “secret” may make it possible for a qualified FHA borrower to put NO MONEY DOWN and receive 100% financing for a new home. To find out if you may qualify for Down Payment Assistance Pre-Qualify now using our secure online form. Conventional and Construction/Permanent Mortgages typically require from 5% to 10% of the total cost to build down prior to start of construction. The down payment amount varies depending on your creditworthiness and the availability of Private Mortgage Insurance. FHA/VA Mortgages typically require 0% to 3% down prior to start of construction.

PERMANENT MORTGAGES

Conventional and Construction/Permanent Mortgages offer the most flexibility and higher loan amounts. Programs available for Conventional and Construction/Permanent Mortgages include but are not limited to: 15-30 year fixed rates; 1 to 10 year fixed rate that adjusts after the fixed rate period; interest only payment options; stated income qualifying programs. These loans may have higher qualifying standards and require a larger down payment. FHA/VA Mortgages typically have easier qualifying standards and require little or NO MONEY DOWN. FHA/VA Mortgages are capped in Georgia at a maximum of $346,250.00. However, the actual maximum varies depending upon which county you intend to build your home. Click here https://entp.hud.gov/idapp/html/hicostlook.cfm to go to the FHA website for the maximum loan amount for your specific county in Georgia. Programs available for FHA/VA Mortgages include but are not limited to: 15-30 year fixed rates, 1 to 5 year fixed rate that adjusts after the fixed rate period.

CONSTRUCTION LOANS

If you do not have the funds (or do not wish to use your funds) to build your home a Construction Loan will be required to help pay for costs during construction. Conventional and FHA/VA Mortgage borrowers will need a separate Construction Loan which will be paid off by the Conventional and/or FHA/VA Mortgage lender once construction is complete. Construction/Permanent Mortgages are Conventional Mortgages paired with a Construction Loan from the same lender. These loans typically have only one closing prior to construction and may save you some closing costs. We work with many Construction and Construction/Permanent lenders and will be happy to assist you in obtaining a low-cost construction loan. Pre-Qualify now using our secure online form.

CLOSING COSTS AND CONSTRUCTION LOAN INTEREST

Closing Costs and Construction Loan Interest for a Construction Loan plus a Conventional or FHA/VA Mortgage typically ranges from about 7% to 8% of the loan amount. The costs for Construction/Permanent Mortgages typically range from 5% to 6% of the loan amount. If you want, we will include these costs in the Purchase Price of your home and you may have little or no “out of pocket” expense.