Diamond Edge Homes

Financing

Financing a custom built home is different from a conventional real estate purchase. Typically, you will work with a lender to arrange for an Interim Loan during the construction phase of the project. This loan funds the purchase of building materials for the new home. Upon completion, the lender provides you with a Permanent Loan with regular monthly payments like you would make with any other home purchase.

Diamond Edge Builders, Inc. works with a number of local lending institutions to help you with this process. Several alternative financing options are available to you as well when you build with Diamond Edge.

Some possible examples include:

Negotiate Amortized Mortgages: Benefits include assumable terms and payment flexibility.

Buy Downs: Increases buying power & reduces the amount of your monthly payment.

Equity Financing: Uses the equity in your existing home (before it sells) to help fund your new construction. This way you don't have to wait to begin construction.

Land Contract: If your qualification ratio is too high for conventional financing you might consider this short term (to 18 months) option.

Subordination: This option defers the purchase of the lot until construction is complete. It should be considered by those who do not have an immediate down-payment.

Trade-Ins (Intents): This option offers a no-hassle transition from your current home. The equity transfers without a sale taking place.

Mortgage Payment Option: We'll pay your payments for a pre-set period of time to help you ease your financial transition from one home to another.

Call Diamond Edge today to discuss the best financing option for your project. Also feel free to contact any of the following lenders to learn more about financing your new home. Where underlined you can connect directly with their website.

National City Mortgage: Tom Strausser, Asst VP
3331 W. Big Beaver Rd. Suite 105
Troy, MI 48084
Phone: 248-458-0424
E-Mail: thomas.strausser@ncmc.com

Citizens Bank: Dave Morgan, VP

9880 E. Grand River Ste. 101
Brighton, MI 48116
Phone: 810-229-7440 ext. 303
E-Mail: dmorgan@@citizensbanking.com

Charter One Bank: Doug Murphy
Phone: 248-374-4412
E-Mail: dmurphy1@attglobal.net

Fifth Third Bank: Kendra Merriman

Phone: 734-214-7902

Email: kendra.merriman@53.com

Financing

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