Yes! Busy
Hammers can finance your home with 100% financing including the cost of the
land. We supply nine-month construction financing that can be turned into
conventional financing through us or at a lending institution of your
choice.
HOME CONSTRUCTION FINANCING - How it works:
STEP ONE OF THE BUILDING FINANCING PROCESS:
DO NOTHING UNTIL YOU DETERMINE FINANCING AVAILABLE
Busy Hammers will supply you with a pre-qualifying
form to fill out for a construction to permanent house building loan. OR,
You can also work with your own lender. Busy Hammers will gladly
communicate any information you have released to any lender of your choice.
You may split financing. One option would-be to do the construction
financing with us and the permanent financing with another choice.
STEP TWO OF THE BUILDING PROCESS:
Take the amount you have been qualified for and add any additional funds set
aside for the construction project available to determine your maximum
budget.
Most lenders will require a reserve hold back for unforeseen building
contingencies that could increase costs. This is prudent and protective for
the borrower. The amount is usually 5 – 10%; therefore, if you are approved
for a $150,000 loan and the lender requires a 10% contingency reserve, you
can only submit a cost breakdown (pay voucher) of $135,000 and $15,000 is in
reserve.
Once the home is “dried-in”, waiting for interior work, most lenders will
release the reserve so the owner can “upgrade” interior items if they wish.
Generally, a lender will not hold back a reserve from a borrower who is
asking for less money than is approved for the project. Why? There are funds
available in the loan to cover contingencies.
The loan will be in the name of the owner/builder, who will pay the bills
from a series of draws or advances established by the lender at certain
completion phases.
Barden Homes has made arrangements with Robar General Funding Corporation
(Licensed by the New Hampshire banking department, Lic. No. 8687-MBB ) , an
independent stockholder corporation headquartered in New York State, to
provide construction financing and to offer permanent financing to qualified
buyers. Contact their office listed below for more information on available
financing, some restrictions may apply. Robar’s website is “www.Robarfunding.com”.
Robar General Funding Corporation
The Hamburg, N.Y. Office:
Robar General Funding Corp.
6308 Boston State Road
Hamburg, N.Y. 14075
Toll Free: 1-888-99ROBAR
Phone: 716-648-2950
Fax: 716-648-2101
Remember, Busy Hammers has the application forms for Robar Financing.
STEP THREE OF THE BUILDING PROCESS:
Sit down with Busy Hammers and decide which home with any changes you want
incorporated into the original design. Or give us your plans.
There are two phases we go through in step three prior to expecting any type
of decision from you. The first phase is an informal meeting with you to
listen to your plans and discuss specific goals and objectives. The second
phase is more design oriented to insure that the home you are discussing is
within your resource guidelines.
STEP FOUR OF THE BUILDING PROCESS:
Enter into a construction contract with Busy Hammers. This phase, which
involves a contract with us, is a final clarification of the design,
finishing amenities and on-site costs. The role of each participant will be
defined, all costs, and the timeline will be verified.
Regardless of how much time is needed to finish each phase, we want you to
be well-informed and completely comfortable with your decision.
Remember, “WE LISTEN TO YOU”.