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Buying a finished home and building one are two completely different loans. Most of the confusion we see comes from not knowing that. Here is the plain version of both, with no pitch attached.
Your loan options depend on whether you are buying a completed home or building on your land. A lender can help you understand your budget and the next steps.
A mortgage helps you buy a completed home. Kevin Boudreaux, our preferred mortgage lender, can explain conventional, FHA, VA, USDA and jumbo loan options. Available programs depend on your qualifications and the home you choose.
One loan that covers the build and then converts to a normal mortgage when the house is done. The lender releases money in draws as we hit milestones, and you usually pay interest only on what has been drawn until it converts.
If you own your lot free and clear, most construction lenders will count its appraised value toward your equity. People are frequently surprised by how much of the down payment their land already covers.
Financing for completed homes
Kevin Boudreaux helps Eastern Homes buyers explore financing for their new home. He’ll walk you through your loan options, explain the costs and help you compare choices based on your budget and goals.
National Mortgage Banker
Plains Commerce Mortgage
NMLS #266167
Loan options include conventional, FHA, VA, USDA and jumbo mortgages. Available programs depend on your qualifications and the home you’re buying.
The application opens on Kevin’s mortgage website.
Planning to build on your land? Contact Eastern Homes to discuss construction financing. Kevin currently helps Eastern buyers with mortgages for completed homes.
Plains Commerce Mortgage is a service provided by Plains Commerce Bank. NMLS #463950. Loans are subject to lender approval and program requirements.
The lender pays for the build in stages, called draws. Inspections help confirm that each stage is complete before payment. Your lender will explain the process for your loan.
During construction you generally pay interest only on the amount drawn so far, which means your payment starts small and grows as the house does. If you are renting or carrying another mortgage in the meantime, that matters a lot to your budget.
Getting pre-approved is the single most useful thing you can do early. It sets your budget honestly, and on a finished home it is the difference between making an offer and watching someone else make one.
We build the house, a lender handles the loan, and we will help you get to the right one. Tell us where you are in the process and we will point you in the right direction. Construction loans run on their own draw schedule, so starting with a lender who does them regularly makes everything after it easier.
On a finished home, yes, both are common. FHA and VA construction loans exist but far fewer lenders write them, so if that is your path, start the lender conversation earlier than you think you need to.
Your down payment depends on your loan, credit and lender’s requirements. If you own your lot outright, its value often covers a large part of it.
Usually a lot. Most construction lenders count the appraised value of land you own free and clear toward your equity in the project. It is the most common pleasant surprise we see.
It is offered on specific listed homes, not every one, so ask which homes currently carry it. Where it applies you choose how to use it: closing cost assistance, upgrades, or a rate buydown. Your lender will help you work out which one saves you the most.
On a construction-to-permanent loan, typically interest only on what has been drawn so far. That payment grows as the build progresses, then converts to a normal mortgage at completion.
Eastern Homes is a builder, not a lender or a mortgage broker. Nothing on this page is financial advice. Talk to a licensed lender about your own situation before making a decision.
Tell us the area, roughly what you can spend, and whether you already own land. We will tell you which plans are realistic and point you at lenders who actually write construction loans around here.
