I am Dan the Loan Man! ..an experienced Loan Officer with 20-years under my belt AND I own a General Contracting firm that designs and builds custom homes. Even if you use another contractor, you still get my overall experience as part of the loan package – Dan Sherbondy
This is a true “one-time-close” loan program designed to finance the construction or major remodel of a primary residence or second home.
80% LTV (20% down) is based on Lot purchase price plus cost of construction. i.e. Lot price is $300,000 plus $700,000 cost to build = $1,000,000 total acquisition cost. You need 20% of that, so $200,000 down payment is required.
This loan includes financing for both the construction and permanent loan in one closing. That means you save the expense of dual loan fees and the worry of having to re-qualify for a permanent loan after the home is complete.
Interest-rate is fixed and secure from beginning to end. Construction term is 12-18 months.
Total Acquisition Costis defined as the total fixed price construction contract, plus the purchase price of the lot (or appraised value of the lot if owned for 12 months or more), plus borrowers closing costs.
Detached Single Family Residence is required. (A property that exceeds 10 acres is an exception, but will be considered case-by-case providing it’s typical for the area and documented with 3 comparable property sales in a current appraisal report.
Non-Owner Occupied is not allowed, meaning the house can not be built as a rental property. The house must be your primary residence or vacation home.
During the construction period, Borrower(s) must pay all property taxes and insurance premiums. No other payments are due during the construction period. For all loans over 70% LTV, impounds will be required as a condition of loan approval.
Power is required to be available at lot boundary. Public water is required to be available at lot boundary. If public water is not available, a developed well is required on the site.
Public sewer must be available at lot boundary or, if the property requires a septic system and an approved septic system has not already been installed; an approved Septic Design is required
Building a house from the ground up is a pain in the A**. Another great option is to renovate an existing property and make it your own. The down payment is much less and its typically much quicker to renovate over building. Check out my Renovation page.
Senior Loan Officer
All Western Mortgage
(established in 1981)
“Dan The Loan Man”
702-326-7469 talk/text every day
Dan’s Licensing: NV MLD 45649, CA-DBO313289, CO-100516554 NMLS 313289
All Western Mortgage, 8345 W Sunset Rd Ste 380. Las Vegas, NV 89113
702-326-7469- TALK OR TEXT | | 702.369.0905 – Switchboard (Ask for Dan)
Company NMLS# 14210, NV Division of Mortgage Lending Lic# 204, Arizona Lic# 0923280, Licensed by the CA Dept of Corporations Lic# 603F053, CA Dept of Real Estate Lic# 01893025, CO Division of Real Estate, Florida Lic# MLD895, NM Financial Institutions Division Lic# 03619, UT Division of Real Estate Lic# 7776975,
OR Dept of Consumer & Business Services Lic# ML-4924, TX Dept of Savings and Mortgage Lending – Consumer Notice, WA State Dept of Financial Institutions Lic# CL-14210.