Financing: Paying Cash

You may be surprised at the number of people who pay cash for their new custom home (or maybe you’re not surprised!). If you have the ability to pay cash, and you don’t wish to use a HECM to build your new place, you have more options available to you than those using a typical construction or construction to perm loan.
 
Firstly, there is no financial restriction on what you can build beyond your own established budget. Banks will typically lend families wishing to build a new custom home a certain amount of the value of the new home. The amount banks and mortgage lenders are willing lend is anywhere from 70% to 96.5% of the new home value depending on the loan type of strength of the borrowers. If you are paying cash, there is no appraisal fee, there is no bank telling you what you can and cannot build, you can construct the exact floor plan you wish, with the exact interior features and exterior features that you wish and invest what you wish.
 
Secondly, you will save a lot of money in closing costs and settlement charges. There are no banks involved, no fees for loans – this can add up to thousands of dollars in savings.
 
If you have prepared yourself financially to build your new home without a mortgage or construction financing, then contact us online today, or call or text (863) 640-2246 now to get started on your one-of-a-kind custom Florida home.