Dream Homes
Fremont Bank can help you with the home of your dreams! Find out the difference an innovative, world class
community bank can make. Start the process by speaking directly with one of our construction lending experts.
We can help you finance the construction of your DREAM HOME project on your land.
Getting Started On Your Dream Home
Fremont Bank is your personal lender - we build the relationship while you build your Dream Home. A Personal
Lending Officer will be there to assist you and answer questions you may have each step of the way. Your
project is in good hands with Fremont Bank!
Acquiring Land
I need to buy land. How much cash must I have to get started?
- A down of 50% is required on a Land-only loan.
- A down is required if your land and construction loans are both made at the same time.
I already own my land. Do I need a down payment for construction?
- The land may be your equity contribution. This would mean you might not need to contribute additional cash into the deal.
The Construction Phase
When should I apply for my Construction Loan?
- You may apply for both your Land and Construction Loans at the same time, or
- If you've already purchased your Land Loan, it's best to apply for your Construction Loan a minimum of four months before construction begins to ensure funding when needed.
Do I have to provide income documentation for a construction loan?
- Yes. A stated income loan cannot be used for either land or construction - all income documents must be submitted with your application.
What will I need for my first meeting with my lender?
- Plan specs
- Cost breakdown
- All financial documents
How will the lender be able to make an appraisal before my home is built?
- Your lender will make the appraisal from your plans.
How long will it take for my Construction Loan to be processed?
- Your loan processing - including appraisal - will take up to 60 days from the time of receipt of ALL necessary documents.
When do I need to have the construction financing completed?
- Financing must be in place before the construction of your home begins. This will help reduce broken priorities and indemnification issues
Who manages the disbursement of monies to the contractors?
- You are the disbursement manager
- All draw requests made by the General Contractor must be approved by you.
- Your bank will give final approval only after receiving your approval.
Who will be managing my construction project?
- It's a Joint Effort. Your Lender and General Contractor will be working together with you to ensure the success and timeliness of your project.
Financing Your Home
Is the Construction Loan all I need to finance my home?
- Your rate is not locked in!
- Your permanent financing will be processed after construction of your home is complete
- You will have already been pre-qualified by taking out the construction loan -making it easier to process your permanent home loan.
Who should I go to for permanent financing of my Dream Home?
- Fremont Bank offers a variety of loan products with competitive rates.
- Our loan products range from 1-Year, 3/1, or 5/1 Interest Only and Adjustable Rate Mortgages, to 15- and 30-year Fixed Rate Mortgages and many more customizable solutions.
- Some of Fremont Bank's products even include special options such as No Closing Costs, no points, and no fees!
Call our Construction Lending department today to find out the difference a community bank can make during the
financial planning stages of your next project:
Call: (866) 82BUILD
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