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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.
Find yours below. Then talk to a lender before you fall in love with a plan, because what you can borrow shapes everything after it.
Conventional, FHA, VA or USDA, exactly like buying any resale house. You get pre-approved, you make an offer, you close. Around 30 days start to finish. This is by far the simplest path and it is why our finished inventory moves quickly.
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.
You do not get a pile of cash. The lender pays us in stages as the house gets built, and an inspector verifies each stage before the money moves. It protects you as much as it protects them.
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.
No. We build houses, we do not lend money. We can point you at lenders who do a lot of construction loans in Central Florida, which matters more than it sounds, because plenty of banks will say yes to a purchase and then stall on a construction draw schedule.
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.
It depends on the loan and your credit, and any builder who gives you a percentage on a web page is guessing. 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.
