Financing
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Financing

Financing

We will be working with several approved lenders to offer buyers different options on construction to permanent financing. If you are unfamiliar with this process, here is an explanation.   Unlike regular mortgage loans which are only granted on structures that already exist, a construction loan is a loan allowing you to buy the land and then build on it. The loan acts like a line of credit during the takedown and construction phases. You only draw what you need, and interest is only charged on the amount that is drawn. Then the loan automatically converts to a permanent mortgage loan when the building is complete and inspected. There is only one closing and that is at the lot purchase phase. Your lender and the builder will work together with you throughout the process to request the draws needed. But here’s the twist…

 

CHURCHILL CLASSICS WILL PAY FOR THE MONTHLY CARRY COSTS ON THE LOAN UNTIL SUBSTANTIAL COMPLETION OF YOUR HOME.

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