If you’re an existing homeowner, future homeowner or contractor/builder looking to build your next home and are in need of a construction mortgage, we can help. At Auxilium, we specialize in all types of construction mortgages:
Hi-Ratio construction mortgages are a type of mortgage geared for homeowners who would like to have their next home custom built. Custom built homes don’t have to be multi-million dollar homes. In fact, we have assisted clients building homes under $500,000 through this program. The biggest stumbling block for folks looking to obtain a construction mortgage is the typical down payment required for these types of mortgages. However, with our creative solutions, we’ve assisted clients with good credit to obtain construction mortgages for their new homes with as little as 5% down. To learn more and see if you would qualify, contact one our mortgage advocates today.
Conventional construction mortgages are a good option for clients who have a sufficient amount of working capital to put towards the construction of their new home. The primary advantage of these programs versus the Hi-Ratio ones is the ability to avoid incurring insurer charges, which can add up fairly quickly. Under the conventional construction program, you would still work on a draw schedule during the course of construction. However, because it’s conventional, there is more flexibility with the progress draws. To learn more and see if you would qualify, contact one of our mortgage advocates today.
Private construction mortgages are a great option for those with a sufficient amount of working capital but lacking the credit or income requirements to support either the hi-ratio or conventional construction mortgage lending requirements. Under this program, we have a lot of flexibility to structure a construction mortgage that is “tailor fit” to meet the specific needs of each & every client. The private construction mortgage is an excellent short term solution in getting the home built, and once built, clients will either sell the home to earn a profit if that was the intention all along, or we will work with them to move the mortgage to a traditional lender. To learn more and see if a private construction mortgage is right for you, contact one of our mortgage advocates today.
Builder construction mortgages are a great solution for contractors who are in the business of building & selling homes. At Auxilium we have both the experience and expertise to either structure one conventionally or one privately; your specific situation & needs are what will ultimately determine which way we go. Once again, under this program, we have the ability to structure a very specific & flexible progress draw schedule. To learn more and see what options we could offer for a builder’s construction mortgage, contact one of our mortgage advocates today.