Need to Finance Your Dream Home?

Borrower applies for pre-qualification for a construction-to-permanent loan
Borrower identifies desired homesite and, if applicable, writes a sales contract to purchase the land
Borrower writes a purchase agreement with Red Door Homes for their new Dream home (this can be done prior to identifying a homesite)
A full loan application is made with a complete set of required documentation
An appraisal is ordered
Loan approval is issued and the construction loan closing is scheduled
Borrower closes on the construction loan and the land if applicable
Construction begins and funds on the construction loan are disbursed per the pre-determined draw schedule
Construction is completed and the permanent loan refinances theconstruction loan
Borrower moves in!

The Do's and Don'ts During Construction

DO save as much money as possible
DO try to earn as much money as possible
DO keep your credit history impeccable as it will affect your permanent loan interest rate
DO pay your rent on time and keep all your credit accounts current
DO pay for PERSONAL CHOICES over and above your loan amount out of pocket, as there is no guarantee we can increase your permanant loan amount.

DON'T quit your job while your home is being built unless your new job pays more money
DON'T buy new furniture, cars or appliances
DON'T move money from one account to another or consolidate or open new credit accounts
DON'T retire or pay off other loans or credit accounts without consulting your lender
DON'T get behind on your payments as this could affect your permanent loan