Understanding Construction Options
Each construction option has its unique benefits and considerations, and our team at Starboard Financial can help you explore the best fit for your needs and preferences.
Custom
Builds
Custom builds involve designing and constructing a home tailored to your specific preferences, needs, and lifestyle.
With a custom build, you have the flexibility to choose every aspect of your home’s design, from layout and floor plan to finishes and features.
This option offers maximum customization but may require more time and involvement in the design and construction process.
Manufactured
Homes
Manufactured homes, also known as mobile homes or prefabricated homes, are constructed off-site in a factory and transported to the final location for installation.
These homes are built to federal HUD code standards and offer a more affordable and efficient alternative to traditional stick-built homes.
Manufactured homes come in a variety of sizes, styles, and floor plans.
Modular
Homes
Modular homes are constructed in sections or modules in a factory setting and then transported to the building site for assembly.
Like manufactured homes, modular homes offer cost-effective and time-efficient construction options.
However, modular homes typically offer more design flexibility and customization compared to manufactured homes.
The Types of Constructions Loans
Construction-Only
Construction-only loans, as the name implies, funds only the build of the house. It does not roll into the mortgage. Qualifying standards are more difficult, and interest rates are likely to be higher than traditional loans due to the prime-plus interest rate, since there is a higher level of risk.
Construction-To-Permanent
Construction-to-Permanent loans cover not only the construction period but are then converted to the traditional mortgage. Homebuyers make interest only payments. Since this type of loan rolls into a conventional mortgage, buyers will only pay one set of closing costs.
Our Process
Embarking on your pre-approval journey is straightforward with our three-step process: Discovery, Planning, and Pre-Approval. Our Flow Graphic below outlines each stage, showing you what to expect and how we guide you to your goals. Let’s simplify your journey together
We help clarify your vision and establish a timeline for your dream home
We explore the details of your home construction project and review your financing options.
We will assess your financial readiness for building your dream home.
Discovery
Let's clarify your vision and timeline for your dream home.
What features and design preferences are essential for your future home?
Are you envisioning a custom-built home, a modular, or manufactured home?
Have you identified your ideal location or secured land for construction?
When do you aim to begin construction and have your home ready for move-in?
Planning
Let’s explore the details of your home construction project and financing options.
Have you researched available construction loan options?
Are you familiar with specific financing considerations for new construction, including down payment requirements and loan-to-cost ratios?
Are you familiar with the process of obtaining construction loans, including credit and documentation requirements?
Have you considered how the disbursement schedule of a construction loan aligns with your timeline and budgeting needs?
Pre-Approval
Let’s assess your financial readiness for building your dream home.
Do you have a clear understanding of your current credit and financial standing, and have you taken steps to address any potential obstacles?
Have you established a realistic budget, factoring in the cost of land acquisition and potential fluctuations in construction expenses?
Have you considered incorporating funds for unforeseen expenses or contingencies into your budget?
Requirements for Construction Loans
- A notarized copy of the deed for the land you’re building on. If you’re buying the land, bring a copy of the purchase agreement.
- A notarized copy of the deed for the land you’re building on. If you’re buying the land, bring a copy of the purchase agreement.
- Construction contract
- Federal Tax Returns (1040s) for the last 2 years
- Bank Statements from the last 2 months
- Most recent pay stubs
- W-2s from the past 2 years
- Call Starboard Financial for prequalification
Starboard Financial Offers Conventional Or FHA Construction Loans
Requirements for Conventional Construction Loans:
- Credit score of 680
- Income requirements, such as debt-to-income ratio of 45%
- Down payment of 20-25%
- Detailed plan of construction project
- Builder for the project
Requirements for FHA Construction Loans:
- Credit score of 640 or higher
(620 with 10% down payment) - Debt-to-income ratio below 43%
- Down payment of at least 5% (10% if below 620)
- Cannot exceed FHA loan limits
Start Building Your Dream Home
Ready to bring your dream home to life? Whether you’re just beginning to explore or you’re ready to start building, we’re here to guide you every step of the way. Tell us a bit about your project and let’s see how we can help you create the home you’ve always wanted
who we are
Welcome to Starboard Financial, your premier destination for home financing in Gilbert, AZ. Specializing in a broad spectrum of home loan programs, our expertise and innovative approach set us apart. As a trusted mortgage lender, we leverage advanced technology to streamline your financing process, ensuring a smooth, efficient path to homeownership.
Our team, skilled in navigating the complexities of the mortgage landscape, provides personalized guidance every step of the way. Whether you’re purchasing your first home or refinancing, we’re here to simplify the journey, combining professional insight with unparalleled service. At Starboard Financial, we’re more than just a lender; we’re your partner in building a brighter financial future. Discover how our tailored solutions can help you achieve your homeownership dreams in the heart of Gilbert, AZ.
Your Local Guide Through Every Financial Mileston
145 E. Baseline Rd
Gilbert, AZ 85234
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info@starboardfinancial.com 4145 E Baseline Rd, Gilbert, AZ 85234 | NMLS# 156931 NMLS Consumer Access
© 2021 Starboard Financial Management, LLC – Mortgage Made Easy
© 2021 Starboard Financial Management LLC – Mortgage Made Easy
