Financing: End Loans

End loans or take out loans are purchase mortgages. They have nothing to do with a construction or construction-perm (CP) loan. They are the most simple type of mortgage to obtain because upon closing the lender has a completed home as collateral. This means that if you fail to make your monthly payments the lender can foreclose and sell the home and recoup some or all of their investment (the mortgage loan they gave to you to purchase your home).
Families who obtain an end loan typically are unable to obtain a CP loan to build a custom home – this can be for a number of reasons but usually boils down to these two: credit scores may not be high enough to obtain a CP loan and, or, the family may not have enough money as an initial investment to obtain a CP loan. No need to worry however, Focus Homes can help families using an end loan to purchase find a beautiful new or existing home in the location of your choice. Let’s get started today.
Call (863) 640-2246 or submit a FREE online pre-qualification now!