Transitioning to Permanent Home Financing
I'm Becky Kurschner and I work with clients navigating the country home construction process. Today I'm going to share some tips for your permanent home financing once your home construction is complete.
We really have a couple different options, depending on the specific property that you build on. We have our portfolio where it stays here at Compeer, and that is going to be for properties that are over 80 acres, your hobby farms, or your unique homes. Those can be locked in at any time during the loan process
If we know rates are going to go up and you know your loan is going to stay here at Compeer, you could start with a fixed rate at any time throughout the country home construction process from the day of closing. Or you can ride that variable construction interest rate until completion. Again, that can be done at any time throughout the home building process. The home does not need to be completed in order to lock it in.
Our other option is the secondary market and that's where your properties under 40 acres would fit if you're building that type of property. In order to go to the secondary financing, your home has to be 100% completed to go that route. What we do as soon as we have that final inspection is we send it to our underwriting team, they approve it, and then we can sell you to the secondary market in order to get that lower interest rate. Again, that is only property-specific.
For more tips and information on building your home in the country, check out our other videos and resources on this page.