How This Works

 

We are confident that we can build a high quality home for you at a very competitive price.  The final price on your home will increase or decrease depending on your style, preferences and home size. We communicate well and will work with you to make sure that your budget is well understood and costs are pinned down before construction commences.

Step #1 Get Pre-qualified  

You can get prequalified with whichever lender you choose, but we recommend working with James Adair at Mortgage Trust.

In addition to competitive rates and terms, Mortgage Trust has offered our buyers a $1,000 buyer credit at closing.  A Pre-qualification letter from a lender is a prerequisite to reserving your space.

Step #2 Reserve Your Space 

a.   Sign the escrow agreement

b.   Make a refundable deposit of $15,000 into an escrow account that our escrow company will establish for you.  The interest on the account will accrue to your benefit.

c.    When you sign the reservation agreement and the escrow company has received your deposit, you will be given a reservation number that will establish priority in home lot selection.

 Step #3 Pick your Home Lot & Sign a Purchase and Sale Agreement

At this stage we will have the exact lot sizes, dimensions and pricing figured determined.  Buyers will pick their lots base on their selection number and sign a non-binding purchase and sale agreement.   You will place an additional $5,000 deposit into escrow that will be progressively paid out to the architect as they work with you on designing your home.  At this stage the actual cost of construction will depend on design choices you make. This deposit will be part of the overall cost of your home.

 Step #4 Time to Begin Construction

Now your home will be designed and the total cost of your home will be established.  Depending on your situation, you can finance the construction of your house with your own construction loan or we can finance the building stage for you.

If we finance it for you, we will require an additional $20,000 into escrow and make the initial $15,000 nonrefundable.   At this point, your total deposit amount is equal to $40,000 ($15k initial deposit + $5k design + $20k balance = $40,000).  The $40,000 deposit will be used as working capital and will be retained as a penalty if you for some reason you are unable to purchase your home.

Step #4 Move-In!

Construction is complete and your house is ready to move in.    If we financed it for you, you will purchase the house from us with a regular home loan.  If you financed the construction yourself, your construction loan will convert to a conventional 15 or 30 year amortizing loan at a competitive rate.