Construction Financing – How Requirements Have Changed

Several years ago you needed little or no money down in order to finance the construction of a new home.  Today’s lending requirements have drastically changed.  Lenders now require a substantial amount down in order to buy a lot and build a new home.  A 20-30% down payment is a pretty typical requirement these days.  For example, $80,000 or more would be required as a down payment on a $400,000 home.

We strongly recommend talking to a lender as one of your first steps.  They can prequalify you and help you determine a budget amount for your new home.  Contact us and we can explain financing options in further detail.  We can also give you recommendations of preferred lenders in Northern Colorado to get your process started.

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