Did you know there are many different lending options available to you to help finance your dream of building your Eastwood home on your own lot? We have a team of lenders here to assist you in finding the best option for you. We've asked them to share in their words the lending option they are most excited about. But rest assured, there are more financing options available!
Senior Loan Officer | NMLS ID #85964
"Working with myself and the Wampler team from Intercoastal Mortgage, you will have tremendous support and flexibility when purchasing your first home! Our team will assist you in making your homebuying dreams a reality with one of our TOP programs, The First-Time Home Buyer Program! This program offers a range of lending options to accommodate specific buyer needs, ensuring a suitable alternative is available for each buyer. It also gives you, the buyer, a $15,000 boost in down payment assistance. Specific criteria must be met to qualify for the NC 1st Home Advantage Down Payment. Eligibility requirements include being a first-time buyer, a military veteran, or purchasing a home in a targeted area. Additionally, income and home sales prices must not exceed specified limits, and a credit score of 640 or higher is required."
As a Senior Loan Officer at Intercoastal Mortgage, I have the unique opportunity to find the financing solutions that best meet my clients’ needs. I specialize in construction to permanent financing, VA, FHA, NCHFA, USDA, Conventional loans. I have partnered with DHIC for a numbers of years and also specialize in down payment assistance programs.
Having been in the mortgage industry since 1987, I’ve experienced nearly every aspect of this business. I am excited about the challenges and encouraged at each opportunity to help my customers make their dreams of homeownership come true.
My husband Allen and I are both Veterans of the U.S. Army. We now reside in Johnston County, NC with our beloved bulldog, Abby. Our son graduated from VMI and is now active duty.
Senior Loan Officer | NMLS #1540574
"Here at North Pointe Bank, we offer a construction to permanent purchase or refinance financing up to 95 percent for Eastwood's Build On Your Own Lot program! Yes, this means you can purchase land and do a construction build and only put 5 percent down. This is considered a construction to permanent purchase. If you already own land and have any equity in the land, this is considered a construction to permanent refinance which allows us to use the equity in your land towards that 5 percent. In most cases of the land being owned free and clear, I can finance the entire build if there are no qualifying issues. If you have an existing lien on your land, we will get that paid off and roll it into the construction loan. On a construction to permanent loan, we receive the contract from the build (and land if a purchase), and then we lock in your interest rate and close within 30-45 days. Once your loan closes, the build begins! We allow 12–18-month build periods depending on your builders’ requirements.
During a construction to permanent loan, you have 3 phases: Construction Phase, Modification Phase, and Permanent Phase.
1. During the construction phase, you will pay interest only on what we have paid the builder so essentially your payment will increase as the build progresses. You will not pay any escrows at this time either.
2. Once your loan hits 85 percent complete, your loan will move into the modification process. This phase allows you to make any changes before your permanent 30-year mortgage kicks in. Some clients choose to pay down their balance with any extra funds they want to put towards the project. You also will be able to “float down” your rate to wherever rates are at that time at NO COST. If for some reason the rates have gotten worse, your rate will stay where it was. Basically, it can only get better not worse! Also during the modification phase, you will set up your escrow account for taxes and insurance.
3. Lastly, the permanent phase! This means your build is complete and we have received the Certificate of Occupancy. It is now move in time and your mortgage will begin the 30-year term paying both principal and interest."
About Lauren: Lauren Conard is an experienced home mortgage professional and has been in the industry since 2012. Lauren’s brings an in-depth knowledge of loan products, a sophisticated understanding about the financial market, and exceptional customer service skills. She cares for people and always seeks to build longterm relationships with her clients. She is a North Carolina native so has a true understanding of our market.
We have a full team available to assist you in moving forward with your dream to build an Eastwood home on your own lot! From our New Home Specialists, to our preferred lending partners, to our experienced builders, we are ready to answer all your questions.
Learn more about our Build On Your Lot program here. And schedule your visit with our team to answer questions, do a free site evaluation, or take the next steps to making your dream home on your lot a reality here.
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