Custom Construction
For Homeowners

We have some good news that could help you afford more.

There's a new attitude among lenders about financing Custom Construction projects. We understand the building process and are more flexible than others. As a result, you might be surprised by just how much you can afford.

You don't need a lot of cash to get your project off the ground. With the right loan from the right lender, you can fully finance your construction costs and minimize out-of-pocket expenditures. We offer a variety of loan products, and your construction and permanent phase interest rate can be fixed up front prior to the start of your project. You can also get financing to help cover your living costs during construction.

What makes the difference? We work directly with both you and your builder. We organize your financing to accommodate your needs as well as your builder's schedules and accounting procedures. Once construction starts, we'll help keep your project on track and your moving day on schedule.

With such flexible financing, your dream home might just be more affordable than ever.

Just getting started?
Let's review some financing basics. It's probably a lot easier than you think.

What exactly is Custom Construction?
When we talk about a Custom Construction loan, we mean financing for construction of a new home, or for remodeling or renovating an existing or newly purchased home.

Do Custom Construction loans cover land purchases, too?
Not always. But if you're buying land to build on, we can incorporate the lot loan into your custom construction loan. That's just one way we make things easier. We can put all of your financing under one roof. We also do separate lot loans if you want to buy land now, and build later.

What's so different about Custom Construction loans?
Custom Construction loans are designed to meet the financial challenges that come with any construction project. Some lenders pay your builder when work is completed. We're more flexible than that. For your builder, we can offer better cash flow up front to cover soft costs, which will help keep your project on track. For your benefit, we roll your construction phase financing into your full-service home loan (permanent phase financing). That means no extra fees, no separate approval processes, and a seamless transition when it's time to move in. During construction, we can also offer an affordable schedule of interest-only payments, or we can fully finance that schedule, so you make no payments while your new home is being built.

How do you make the process easy?
In a lot of ways. We believe in hands-on, personalized service and flexible terms to keep construction on track. We can even help you meet your temporary housing costs while your new home is being built. Builders like us - because we streamline cash flow by disbursing payments as work is completed.

Special one-step financing makes the transition from construction financing to permanent financing completely seamless, too. We'll make sure financing is never a worry, so you can focus on the really important things - like the day you'll move in.

New flexible financing makes everything a lot easier.

Custom Construction loans have changed a lot lately. There's a new attitude toward financing, and a new flexibility. Your loan is custom-built - specifically designed to meet your needs before, during and after construction.

You don't need a lot of cash. We can help you limit your out-of-pocket spending. This is one way we make home building more affordable. Typically, a construction project requires a ready cash flow to pay for work as it's completed - and to cover unexpected expenses. We can fold the financing for all of these expenses into your full-service home loan. With a fully financed contingency reserve fund, construction expenses are covered, so you don't need a lot of cash to get your project started.

During construction, you can stretch your dollar farther. While construction is in progress, it's sometimes a stretch to make your initial loan payments and still meet your current living expenses. Now you can get extra help, with an affordable schedule of interest-only payments. When you choose interest reserve financing, no payments are required until after construction is completed. With the right construction loan, your monthly budget doesn't have to double.

You can get one loan to cover everything. One loan can cover it all, from a lot loan to construction costs to long-term financing. When your construction is complete, your permanent mortgage is already in place. It's a new kind of flexibility that can save you the hassle of an extra approval process, as well as extra closing costs.

You don't have to do it alone. We're here to explain everything up front. We can review concerns specific to your finances, and then we'll help plan the best loan available, before your project even gets started. During construction, a certified loan consultant will be assigned to your account - a specialist whose job it is to know you and your builder, to expedite payments and to help you negotiate the unexpected.

We're flexible with you or your builder, so your project stays on track.

We're flexible about when and how payments are released to you or your builder. A regular cash flow can help keep your project on track.

You decide how involved you want to be. We will allow you to act as your own builder. Before your loan even closes, we'll work with you and your builder to negotiate a schedule of payments, or "draw schedule." You can choose to manage each payment as work progresses, or you can let us work directly with your builder.

When payments go smoothly, you'll see everything gets easier. While work is under way, regular progress payments can help cover your building expenses. When financing is flexible, your builder can rely on our financial resources, instead of their own line of credit. It's a smarter way to work that saves builders time and money.

So many details, so many variables…special one-step financing puts it all under one roof.

Building your own home can require a lot of patience. Our one-step financing keeps money matters simple, with streamlined payments and consolidated approvals.

During construction, we'll keep builder payments flexible. A stable cash flow will help cut down on your own out-of pocket expenses.

One loan covers everything, from construction to permanent financing, and you can even finance your lot purchase. It's an easy way to save money, and a smart way to save time.

One-step financing.
Here's how it works.

When you streamline your financing, everything gets a little easier.

Step 1 You and your builder contract to build a new home or remodel an existing one. After you've settled on your site and your design, call to pick up a Custom Construction application form.

Step 2 After you've filled out our application and assembled some documentation, we can work with you to help you choose the financing that best meets your needs. Competitive fixed and adjustable rate mortgages are available.

Step 3 Bridge Loan. If you have not sold your current home, you may need a "bridge loan", which we can also provide for you.

Step 4 Your builder submits a one-page Builder Resume. We will review the resume and make a decision in five business days or less. We will even allow you to act as your own builder.

Step 5 We will conduct a project review. We'll look at the total cost of your project and consider its feasibility. We can include a loan for your property, too, if you're purchasing the land for your home.

Step 6 Prior to your loan's closing, we will work with you and your builder to draft a "draw schedule" - which details when funds are to be released during the construction phase.

Once we have reviewed your project, we can then approve and close your loan. When your loan closes, your closing fees are due. These are the only closing fees you'll pay during the entire process. When construction is finished and your home loan starts, no additional fees or approvals are needed.

Step 7 Your builder starts work. Your interest-only payments begin. To help you meet your temporary living expenses, you can also finance the interest-only payments with an interest reserve account while construction is ongoing. If you need to cover unexpected expenses during construction, you can tap into your contingency reserve funds, which can also be financed.

Step 8 The construction is completed. You're ready to move in. A final draw disbursement pays the builder's final invoice. Your total loan amount is adjusted to reflect to actual amount paid out during construction.

Step 9 You'll be notified when the first principal and interest payments are due. It's a seamless transition. No need to reapply. No need for extra fees. To make things even easier, an automatic payment service can start right away. In some cases, you will have the ability to change to a different type of loan such as our Option ARM at the end. You will enjoy true cash savings with the Option ARM.

Custom Construction financing is available for a variety of eligible property types. If you are interested in financing an ineligible property type, ask us for information about our other loan programs.

With so many details and so many variables, our one-step financing may be the easiest way to build your own home.

Your pre-approved draw schedule streamlines financing.

Your pocketbook won't be empty when moving day arrives, thanks to contingency reserve funds and interest reserve financing.

Your Custom Construction loan rolls over, saving you time and fees and reducing frustration.

Construction and Lot Loan Types

• 30 Year Fixed
• 15 Year Fixed
• 1 Year ARM
• 3/1 ARM
• 5/1 ARM

Alt-A Program. Primary Residence

Features:

• One-time closing with one appraisal (Properties valued more than $1 million may require more than one appraisal)
• Ground-up and major remodels (primary residence & 2nd homes)
• Construction terms 6,9,12,15, and18 months
• Loans amounts to $5 million or more
• Full Doc, Limited Doc, Stated Income, No Ratio loans
• FICO scores as low as 620
• Stated Income loans > $650,000 require 660 minimum credit score
• Loans > $1 million require 700 minimum credit score

Bridge Loan

• No monthly mortgage and interest payments during construction phase
• Same rate as the construction loan
• Bridge financing and construction loan must both be secured with Fusion Lending
• Full/Alt-A & Stated Income loans
• Existing liens, including the Bridge Loan, are not counted in the debt-to-income ratio
• Debt-to-income ratio requirement same as construction loan

Product information is for reference only. All loan requirements are not represented here. Each loan is individually evaluated. Information is subject to change at any time without notice.

Lot Loan