Financing

Out West Homes interacts with all construction loans you may have sourced.  Also, Out West Homes can coordinate a complete financing package for your new home.  There are typically two phases of a building loan.  The first is the construction phase and the second is the permanent phase.  Indymac Bank offers a very reasonable Owner-Builder loan, by having a single closing loan.  Your interest is put into the loan so that you do not have to make a payment during the construction phase.  This is a HUGE benefit to most.  Interest rates during the construction phase are competitive with permanent rates as well.  Indymac provides either a 95% loan or a 90% loan for stated income.  Also, they provide a flexible draw program for you to pay your sub-contractors and purchase necessary materials locally.

The loan covers not only the home but the cost of land and improvements.  An appraisal is done and most of the time the costs are much lower than the appraisal thus creating a 100% loan scenario.  The "out of pocket" expenses are for :

1. Appraisal (about $500.00)
2. Ernest monies (about $1000)
3. Plans costs ($1200. - $5000) Note: any plans costs with Farwest Homes are credited back as a down payment on the package, making plans free.

Contact Out West Homes for more details.

Next