Financing Your Home

Choosing the right financing to build your new home with involves a variety of important decisions. There are several financing solutions that can be customized to meet your timing and circumstances. Pacific Legacy Homes, in combination with our affiliated lenders, will work with you to structure the best financing solution for your particular situation.

Purchasing Your Lot
This step primarily consists buying a lot and financing it separately with a Lot Loan. You can merge your Lot Loan into a Construction Loan when you have decided on the form and function for your new home and are ready to build it. Also, you can use cash from savings or equity from the sale of your current home to buy the lot. The cash outlay that was used to purchase the lot can be used as your equity toward a construction loan or the down payment on your mortgage. Pacific Legacy Homes will provide guidance and professional input into purchasing your lot.

Constructing Your New Home
This step consists of you working directly with us and one of our affiliated lending professionals that specialize in vacant residential land acquisition and new home construction financing. Our combined efforts will streamline the buying process and integrate with our financing and building services to get you into the appropriate loan, which will save you time and money.

You will most likely need a Residential Construction Loan or One-Time Close Loan. Construction financing commonly involves two loans: one interim construction loan for building your new home and one permanent loan for the completed home. Today's construction loan is usually a one-time close with one set of loan fees for the construction loan to permanent loan. The construction loan includes the construction loan period and long-term financing. The permanent loan is the mortgage for your new home. The construction loan process provides customers with the simplicity, convenience, and flexibility of a double-close loan with the ease and benefits of a single-close loan. Pacific Legacy Homes will provide guidance and professional input into your residential construction loan.