Are you looking to purchase a brand-new home in North Port or in the Greater Sarasota Florida area but have been deterred by a common misconception about new construction loans? Fear not! In this eye-opening video, we’re here to debunk the biggest myth surrounding new construction loans, and it’s a game-changer! 💡

🏗️ Myth: ”I can’t buy a home until it’s completed!” 🏗️

🚀 Reality: You can purchase a home that’s just 30-90 days away from completion! 🚀

If you’ve ever heard someone saying that they can’t buy a new construction home until it’s fully built, this video is a must-watch! We’ll reveal the truth about purchasing homes during their construction phase and how you can take advantage of this fantastic opportunity. 🏠💰

Join us as we break down the entire process of buying a home during the construction stage and explore the numerous advantages it offers:

📌 Early-Bird Perks: Discover the exclusive benefits of being among the first to secure a property in a sought-after neighborhood!

📌 Customization Galore: Learn how you can customize your dream home according to your preferences and style, making it uniquely yours.

📌 Financial Flexibility: Uncover the surprising financial advantages and options available to you when buying early in the construction process.

📌 Locking in Today’s Prices: Find out how you can lock in the current property price, safeguarding yourself against potential market fluctuations.

📌 Working with Builders: Gain insights into building a strong relationship with builders, ensuring a smooth and successful home buying experience.

📌 Financing Made Easy: Get expert tips on securing a new construction loan and navigating the process with ease.

Whether you’re a first-time homebuyer or a seasoned investor, this video will empower you with knowledge that can save you time, money, and stress in your real estate journey. 📚💪

Remember to leave your comments below; we’d love to hear your thoughts and experiences with new construction loans. 👇🗣️

If you’ve ever considered buying a new construction home or know someone who has, share this video and be Sure to Check Our Website to Join our EXCLUSIVE VIP LIST For the Hottest New Construction Homes in Southwest Florida
www.SouthwestFloridaNewConstruction.com

Sarasota Relocation Guide ➡️
North Port Relocation Guide ➡️

⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
🤔Thinking of moving to Southwest Florida? Let us help!🏖️
📱 Call or Text: 715-531-8021
📨 Email:
📅 Zoom:
⏰ Subscribe to Living in Sarasota Channel 👉
⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️

If you are new to the channel, Welcome! We are here to talk about what it is like to Live, Eat, Sleep in the Greater Sarasota area! Whether you are looking to move in 9 Days or 90 Days our team can help you navigate this real estate market. We have made strategic partnerships with builders so that we can also best help you if you decide that you would like to build a new construction home.
« Music: bensound.com »
======
🏡 MUST WATCH Videos for People Looking to Move to Sarasota🏡
Nokomis Florida Tour →
Land Prices in North Port→
Wellen Park Florida Tour →
Is AirBnB Allowed in Sarasota County →
What is North Port Florida Like →

💜 POPULAR PLAYLISTS for People Looking to Move to Sarasota💜
Living in Sarasota→
Investing In Sarasota Real Estate→
Island Tours Near Sarasota→
Sarasota Home Tours→
Sarasota Attractions & Adventures→
=====
📲 CONNECT WITH ME on Social Media: 📲
TikTok➳
FACEBOOK ➳
INSTAGRAM➳
LINKEDIN➳
======
#sarasotaflorida #movingtosarasota #newconstructionhomes

So there’s one common myth that really Stands out with Buyers here in the Northport Florida area and that comes With new construction Manny and I who is A lender here in the Sarasota Northport Area we’re actually touring this new Construction property and you know in The meantime we wanted to create this Video for you guys breaking down Probably one of the biggest questions That we get asked and that is can we get Financing on a new construction home That’s not yet completed so there are Some things to go about talk about and Everything like that and that’s exactly Why we brought Manny here today is to Kind of dive into those issues that Everyone seems to have with new Construction thinking that they couldn’t Buy a new construction home like this One because they can’t get a new Construction loaner they just simply Don’t want to go through the process of Getting a new construction loan as it is A little bit more tedious in the process Compared to a traditional end loan so That’s what we’re going to be discussing In this video today so as you guys can See here we are going to be taking a Look at this new construction home right Behind us here as you guys can see here Is the neighborhood But there’s a lot of grass growing Through all this dirt here in on this

Home so we’re going to walk you through This home as we talk about everything Right so Manny here take it away thank You Noah thank you for having me super Cool so yeah so there’s a lot of Misconceptions myths versus people Aren’t necessarily aware that you don’t Have to have a construction of Home Alone to buy a house like this basically Rule of thumb is pretty simple if a House is 60 to 90 days away from Completion Lenders are going to ask for a Certificate of occupancy as soon as There’s a ticket of occupancy is issued It could be considered an end loan so You don’t need a CP construction a Permanent loan you can actually get What’s called an end loan which is just A fancy term for a regular mortgage cool Well let’s set this up here Manny really Quick and let’s actually talk to people About all this a little bit more in Depth absolutely so let’s first break This down here as we set this up we’re Creating more of a vlog style you know We’re not going to create so much of a Polished video but we want you guys to Get the point of what exactly is going On here and so Manny will discuss a Little bit more in depth of so this home Let’s just say it’s 60 days out from Completion right correct so let’s say I’m driving by this home and I’m like

Hey I really love this home I want to Purchase it right now this current price Is 560 if you guys want to go and check Out this tour this walkthrough video I’ll throw it up here I’ll throw up a Link at the top of this video you guys Can go and check out what this four bed Three bath oil over 2100 square foot Home looks like it’s a little bit more Of a modern style home with this new Builder here in Northport so let’s just Say I want to buy this home 60 days off From completion do I have to get a Construction loan can’t get an end loan What does that look like it’s it’s just A regular 30-year mortgage or it’s a Regular mortgage okay in the in the Industry you’ll hear the word end loan But that’s just a term for a regular so That’s like your conventional your Conventional FHA VA loan situation Correct so you could be your Conventional FHA VA basically they Consider an end loan because the home is Fully is is built so this would be the Last loan you don’t need a construction Loan It’s The End loan but it can be a Regular 30-year traditional product a 15-year It’s just a different word for regular Mortgage okay yeah sure that makes sense So what are my interest rates going to Be a little bit higher on this because It’s a new construction and it’s

Absolutely it’s a great question that’s A great question so so no with your end Loan it’s the same as a 30-year mortgage Qualification criteria is the same as The third year the biggest the biggest Misconception is that this would require A construction of perm but this is close To completion this will be completed Within 60 to 90 days like we just said So that would that’s perfectly okay with The lender the lender is going to be More concerned if there’s a certificate Of occupancy And obviously once that’s issued then The house is habitable so that’s our Biggest concern is that it’s a habitable House okay so let’s just say the Difference between an end loan which is Our traditional conventional loans Versus a construction loan so let’s say What would what would make this house or What would make us get a construction Loan for this house in a different you Know Step of the process that’s a great Question so so basically CP or Construction of perm loans are pretty Much from dirt up okay um so you can you Can buy the lot with the construction of The home or you could just buy the lot And then plan on building later on the Line and still consider it a CP loan Um now that’s not to be confused with Just an actual lot long right in this

Case if somebody has plans to do Something with the dirt then it’s Considered a construction of perm loan Which Is a lot more involved than an end long Because now you have to have the Builders involved with plans and specs Costs Um so it’s a lot more involved in an Actual end loan right for sure and Another thing to mention is that when You do come across these new Construction homes like the one that We’re sitting in right now more than Likely the Builder’s already funding This build so they will just sell it to You once you get the certificate of Occupancy or the CO as we call it so Maybe you won’t even need to get you Wouldn’t even need to get a construction Loan for example you’ll just have to get A traditional end loan with Manny like a Conventional loan FHA VA whatever that May be but it is already a house that Has a CO just like what Manny was Talking about and that’s probably one of The biggest criterias right between a Construction loan versus a conventional And Loan correct absolutely absolutely That’s the that’s basically what the Lender wants to know is that it’s Habitable ready to go that way we don’t Have to treat it differently sure and Then what would uh what are my options

When it comes to down payments now I’m Not obviously we’re just using this for Estimations samples everything like that But like what are what could I get with This house as a down payment absolutely So the beauty of it is that and Loans Are treated like a regular loan so you Can get away with as little as three Percent three and a half percent down if You’re a first time home buyer if you’re Not you can get as little ways five Percent down okay so Um it has just as many options uh as as An existing home build okay yeah so yeah So basically we just want to compare This to a traditional house you know Even though it’s not done yet but yet The buyer’s not paying for the Construction of this house they’re Purchasing it once the co gets done Correct so that’s typically how our Homes work or new construction homes Here in Northport actually work now it’s Different if you’re building a custom House or you approach a builder for Example and say hey Manny I’m looking to Build a house on my lot then typically The Builder doesn’t fund those that’s Typically you know construction funded With uh you know Manny or a similar Lender that does construction financing Here in the Sarasota Northport area so Any fine final takeaways here that I Think people should know about yeah no

Absolutely so I think most importantly If you see a house as beautiful as this And you think oh I uh I’m not ready to Purchase it because it’s not fully built Or I need a construction apartment one The biggest takeaway for you is that hey After after Builder is that 90 to 60 Days away from completion they say yes Then you just need a regular mortgage Perfect well that sounds good well I Appreciate you taking the time to uh go Through that with me here in this new Construction home so if you guys want Manny’s contact information for either a Loan or a construction loan I’ll put his Information down in the description down Below as well but remember guys if you Guys are looking to move to the Northport area we have a dedicated Buyer’s relocation guide just for you Guys if you guys are from out of state Just like how I was three and a half Years ago you guys know that I had a lot Of questions that I just wasn’t getting Answers to so I wanted to make sure you Guys don’t go through that same exact Thing so definitely go and check that 100 free link down in the description Down below and then also we have a Dedicated basically a VIP list for People looking for new construction here In the Northport area and I promise you It’s not spam it’s 100 free I tailor it Just to you guys which is why you guys

Fill out a short form talking about your Criteria as well as your location and Then we’ll get in conversation to see What if it’s an off Market new Construction I was soon to beat new Construction house custom house whatever That may be we’ll definitely pair you up With the right Builder here in the Northport area so with all that being Said Thank you guys very much for Checking out this video and we will Catch you guys all next week

Related Posts