Now that we have your floor plan ideas drawn on paper and estimated, your beautiful lot is purchased or under contract, how do we finance your home? Stonecliff Homes utilizes construction home loans to build all of our client's homes. A construction home loan is different from traditional financing options for exsisting homes and production builder's financing options.
First, a construction loan is in the buyers name only. During certain phases of the construction your lender pays to Stonecliff Homes a "draw". These draws then pay the subcontractors and suppliers that have worked on your home. Stonecliff Homes receives these draws when your foundation, framing, drywall, trim and flooring is complete. During this construction phase, you only pay intrest on the cumulative amount of money borrowed through these draws.
When your beautiful, new custom built Stonecliff Home is complete, you then modify the construction loan into permanent financing. Our recommended lenders offer many of the traditional financing options, i.e., thirty and fifteen year fixed rates, adjustable rates, self-employed and stated income programs.
Generally, you can obtain your new construction loan with zero down payment and put little to nothing down when you modify into your permanent loan. Stonecliff Homes is so committed to the "no money down" process that we do not require a deposit at contract signing and do not require a deposit at the closing of your construction loan.
Do you have a home to sell? Our lenders recognize many of Stonecliff Homes buyers are "moving up" from their current home and have developed loan programs that allow our clients to begin construction before their existing home sells.
We also work with a selected group of full service Realtors that can help you market and sell your home. They can also be of great help in finding the right lot if you don't own one already.
PatSchultz@StonecliffHomes.com 1452 Beman Ct. Columbus, Ohio 43228 Office (614)271-9100
Stonecliff homes
Custom Design Home Builders
