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Residential Construction Loans with Intercoastal Mortgage

Not much is better than moving into a brand new home!
There’s something about knowing your new home really is new.
You’ve picked out paint colors and flooring and countertops. You’ve filled never-before-occupied spaces with your favorite things. You’re the first one to chill drinks in the refrigerator, light a fire in the fireplace, sleep in the bedroom.
Doesn’t it feel good to be home?
Now, what if you discover that brand new home also costs less to own than you thought? 
Homebuyers like you choose between 2 types of homes – existing or new. Often, the new home comes with a higher price tag. But price is only one part of the cost of owning a home.
Use our easy calculator to compare what you might spend each month when you consider the lower energy bills and maintenance costs that are likely to come with new homes. there could be tax savings with a new home too.

Residential Construction Loans

Sometimes you’ll find the perfect home that’s move in ready, while other times, the only way to get what you truly want is to build a new home from the ground up. That’s when you need to secure a residential construction loan. 

The Hamandi Team offers flexible financing to cover your home construction needs. Our local lending team is here to answer all your questions and simplify the lending process.  

What is a residential construction loan?

A residential construction loan provides you with the funding needed to build your dream home. These loans are short term compared to a traditional home mortgage and the funds are paid out in stages as work is completed on your home. 

How to qualify for a residential construction loan

When applying for a residential construction loan, be prepared to provide the following:

  • Construction timeline: What timeline do you have in mind for completing your home construction? 
  • Realistic budget: Your lender will want to know how much you expect everything to cost, so prepare a realistic budget outlining all costs associated with the project. 
  • Detailed plans: Along with your budget, have the overall plans for your construction project available so the lender is aware of what is being financed. You will likely be asked to provide plans or blueprints from your builder or architect. 
  • Traditional mortgage documents: You will also need to provide all the traditional documents you’d submit if you were securing a typical home mortgage including tax returns, bank statements and pay stubs. With a construction loan, your builder may also be asked to provide some financial information. 

We proudly serve new residential construction borrowers in Virginia, Maryland, Washington DC, Delaware, Florida, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and West Virginia.

Jawad Hamandi

Jawad Hamandi
Vice President & Branch Manager
NMLS ID # 391282