Generally, there are seven steps for financing the construction of a new home using most construction/perm loan programs.
1. Initial Stage – Prequalify with one of our lenders
You’ve looked at some of our house plans on-line but have not had the first consultation meeting with our design team. Even though you don’t have much finalized, now is great time to start to get your financing in place. We’ll put you in touch with one of the lenders that we work with at this initial stage. This is the time to pre-qualify with our lender.
2. Application
While we are designing your home the plans are starting to solidify. And since we are designing and pricing in-house this happens very early in our process. The benefit to you is you’ll know the amount of money you’ll need early on. This allows you to start the formal loan application early on.
3. Approvals
Our lender will work with you to get your permanent loan approved. We’ll also get the final plans and specs so that the lender can order an appraisal.
After the lender has the appraisal and a fully executed purchase contract, they’ll submit the entire package for construction loan approval.
4. Construction Closing
After the lender has all the necessary approvals, they’ll close on the loan that will finance the construction of your home. A settlement agent will give you specific instructions about the amount you’ll need to bring to closing, and in what form. As soon as you close on the construction loan, we may begin building.

5. Draw Process
During construction, the lender will send out a construction inspector to inspect our work and to approve our requested draws from the construction fund for work that has been completed.

6. Completion of Construction
A final inspection will determine that the construction on your home is complete.  We’ll get a Certificate of Occupancy (or its equivalent) from your local authorities.
Then our lender will also work with you to ensure that you’re ready to transition into your permanent loan product. They’ll schedule a modification of the construction loan to the permanent mortgage.
7. Move In!