May 9, 2022
Hunter Quinn HomeSights: Our Ultimate Guide to Financing for Build on Your Lot
In addition to our sought-after communities and incredible homes throughout the Charleston and Greenville areas, Hunter Quinn Homes is proud to offer the amazing opportunity to build on your lot for a one-of-a-kind, personalized journey to homeownership. Our optimized build on your lot sector, Hunter Quinn HomeSights, takes our commitment to quality craftsmanship and high value to the next level—seamlessly combining your own home site with our advanced expertise to create the home you’ve always envisioned.
With HQ HomeSights, we make your vision a reality through our extensive, forward-thinking process from start to finish—including the financial aspect. When it comes to knowing the ins and outs of financing your BOYL home, it can be difficult to know what steps to take—which is why our team has put together an expert guide to provide you with everything you need to know about financing your forever home with HQ HomeSights.
How BOYL financing works
Financing for building on your lot can seem like a challenging, lengthy undertaking—but in reality, it’s just as simple as buying a pre-existing home in one of our communities, but the process looks slightly different. Building on your lot requires you to secure a construction loan, and the specifics are dependent on the homesite you own or are looking to purchase, as well as your personal qualifications.
A construction loan is different from a mortgage, and it is essentially a one-year agreement to cover the cost of building your home on your lot. Most lenders, including our preferred one, offer a variety of loans to choose from to best meet your needs, including an FHA loan and conventional loan. After the year is up and Hunter Quinn has finished your dream home, the construction loan turns into a mortgage, also known as an end loan. For those who have owned land outright for over 1 year or have a significant amount of equity, you can obtain land equity funding in most cases, which in turn can be used toward the down payment of your new home. Regardless of your circumstances, your qualified lender will be able to find the construction loan options that best suit your needs.
Steps to take
It’s important to know what steps to take for financing your BOYL home and how to secure your construction loan in order to get the building process started. The steps for financing your Hunter Quinn HomeSights home include:
- Getting pre-approved with our qualified preferred lender from Ameris Bank, or one of your choosing. Before you can get the financing necessary to start your construction project, you’ll need to get approved for your construction loan. You’ll need a few qualifications in order to get approved, including good to excellent credit, enough income to pay off the loan, low debt-to-income ratio, the required down payment, budget approval and builder approval—which is covered when working with a trusted, credible builder like Hunter Quinn. It’s best to reach out to your lender to discuss the flexibility and technicalities of getting approved for your construction loan, including your interest rate and down payment.
- Securing your loan. After you’ve met with our team at Hunter Quinn to decide on your home plan and design for your customized home, it’s time to finalize your finances. Before construction can officially start on your new home, your financing must be secured and your loan closing completed. At this point in the process, it’s time for you to check in with your lending officer to verify that they have all of the required documentation to finalize your financing. Once all is verified, you will close on your loan and construction can officially begin on your home.
- Let the construction of your dream home begin. At this point, your financing is set and ready to go, and it’s time for your vision to come to life with Hunter Quinn HomeSights. The construction loan lasts for one year to cover the costs of your custom-built home, and from there you’ll begin your regular mortgage payments. Sit back and relax in your gorgeous home, and rest assured knowing that you’ve chosen the right builder and the best financing.
Hunter Quinn is here to help
Above all, It’s essential to remember that building your ultimate dream home for you and your family is an exciting, memorable time that you’ll cherish forever—which is why our team at Hunter Quinn and our amazing preferred lender are here to help make this experience as easy and seamless as possible. With your own experienced team at Hunter Quinn Homes and a designated group of helpful individuals from Ameris Bank, you’ll easily be able to achieve the home you’ve always imagined—specifically catered to you and your wants and needs.
To start your personalized journey to your Hunter Quinn HomeSights home, to find out more about our preferred lender or for any additional questions or inquiries, feel free to contact us online at any time or give us a call at (843) 994-2166.