Financing

The first step in building a home is to determine just how much you can afford to spend, and determining which type of mortgage loan you should apply for. We recommend you meet with a mortgage loan officer who can analyze your financial situation and pre-approve you at the appropriate level.

Financing can be an intimidating obstacle to getting started. We begin by discussing typical options, and if desire; refer you to our preferred lenders. If you already have a preferred lender, we will provide the information you will need to open or continue discussions with them.

Most buyers obtain “end loans”. J.D. McKay Custom Homes finances the construction, owns the home until completion and transfers the deed to you at closing. Other buyers, particularly when the buyer owns the lot prior to signing a purchase agreement, opt for a “construction loan”. With this type of loan construction money is paid to J.D. McKay Custom Homes by the lender through construction draws as work progresses. Upon completion of the home, the construction loan is generally rolled over to a permanent loan. These are some typical methods but not the only ones. We are flexible depending on your needs and circumstances.

Upon signing a contract to build a home with J.D. McKay Custom Homes, we ask our clients for a minimum down payment, which is often secured by a home equity loan on their existing residence. This money assures us to your commitment to obtain financing and allows us to proceed with preliminary design work. Should you not be able to obtain the necessary financing, your J.D. McKay Custom Homes deposit is refundable.
 

PO Box 101, Ross Ohio 45061 | Phone: 513-225-5980