HOW DOES CUSTOM HOME FINANCE WORK?

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We are joined again by Laith Daik, the president of Texas Loan Star to help walk us thru the process of financing a custom home. We will take you from the beginning, getting approved, to even possible payment strategies. We hope that this video will help you when planning the Financing of your Custom Home.
Thanks for watching!
A LITTLE BIT ABOUT US:
For home buyers who love detailed architecture, we are an award-winning custom home builder with a reputation for meticulous attention-to-detail, fine carpentry, and distinctive quality. Our focus on luxury custom homes can be seen in some of Houston's finest neighborhoods, including Memorial, Spring Valley, Hilshire Village, Garden Oaks, and the Heights.
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#customhomefinancing #custombuilder #aspirefinehomes #homefinancing #homebuilder #luxuryhome #houstonbulider #homebuidling

[@Angelinesekle]

Seriously, why don’t they teach this in school!? Very informative, thank you!

[@AspireFineHomesHouston]

You are welcome! Thank you for watching, we have more videos coming out soon.

[@mikesveganlife4359]

This can be slightly different depending on the developer, who owns the property, and the region but overall many of the same things apply.

[@waynestewart2024]

Great information for sure.

[@marigeneficke2258]

I'm planning to have a custom house built in the Texoma area. Land I own is in Pottsboro, a mile from High Port Marina. Do you have any suggestions for Architects and builders? I have learned so much from your presentations, Thank You

[@jaiderariza1292]

I did not fully understand the 25% equity, can you elaborate more on this?

[@jackalclone1]

Let's say your lot is priced at $100,000, and your lender requires 25% down for a lot loan. You are now borrowing $75,000, but already paid $25,000 (your equity). Now, you have a build that is going to cost $400,000 on top of your land, so your overall project cost will be $500,000 ($100k + $500k). Let's say your lender requires 15% down for a construction loan. Normally that'd be $75,000 in this case, BUT you've already paid $25,000 on the land, so that equity "rolls-in" to the construction loan, meaning you only need to come up with another $50,000 ($75,000 - $25,000 land equity = $50,000 more needed to meet your 15% down for construction).

[@zeecee5881]

@@jackalclone1 Thank you for clarifying

[@mk273]

@@jackalclone1 what if you purchase with cash the land for 150,000 but the appraised value for land is only 100,000? Do the total cost of the project for the appraiser is still 500,000 (100k for land and 400k for house on it ) or do they consider 150k+400k which is 550k as the total appraised value?

[@irmarivas7603]

Does this apply in California?

[@yessi110]

My dream is to build my own house 🏡🙏🏽