Construction Loans in Las Vegas

I am an experienced Loan Officer with 20-years of experience 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.

“One-time close” Construction Loan is a home mortgage that can be used by the borrower to close both the construction loan and permanent financing of a new home at the same time.

* Our loan has construction periods of six, nine or 12 months, depending on how long it will take the builder to complete construction. The loan will convert to a full 15- or 30-year term upon completion of construction.
* During the construction phase you are responsible for payment of the interest accrued on the amount disbursed to-date, billed on a monthly basis. If an escrow account is established for taxes and insurance, the monthly billing will include these deposits.
* When your home is nearing completion we will ask that you update your credit profile with current income, assets and credit report.
* After the completion of construction the loan converts to the permanent phase and you will begin making traditional principal and interest payments based on the locked interest rate.

Primary Residence

10% down with a 720 score up to a loan amount of $726,525
15% down with a score of 760 up to a loan amount of $1,000,000
20% down with a score of 720 up to a loan amount of $1,500,000
30% down with a score of 720 up to a loan amount of $3,000,000

Second (Vacation) Homes

 25% down with a 720 score

One-time close construction loans allows for payment of interest-only during construction. Soft costs (architectural, engineering, permit fees) may be financed, closing costs may not. Tear downs and major renovations are eligible.

Lot loans – 30% down

 

dan flag color

Dan Sherbondy
Senior Loan Officer
All Western Mortgage
(established in 1981)
“Dan The Loan Man”
702-326-7469 talk/text every day
DSherbondy@AllWestern.com

Equal Housing Opportunity

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.