Three construction loans we've closed, one with each program.
Site-built · Jonesborough, TN
A 62.5% debt ratio didn't automatically end their plans to build.
With a 651 credit score and a roughly 62.5% debt ratio, they used VA underwriting to finance a roughly $560,000 custom build on land they already owned.
Read their story
Mike and Brenda weren't sure a VA one-time-close loan was even available until a banker friend referred them to us. They owned their land and wanted to build a custom home before selling their existing house, but a 651 credit score and roughly 62.5% debt-to-income ratio made traditional financing difficult. Using the flexibility of VA underwriting, they secured a roughly $560,000 one-time-close construction loan and completed the home. They've since moved in, listed their previous house, and plan to use the sale proceeds to pay down consumer debt and their new mortgage.
Mike and Brenda C. · VA one-time-close construction borrowers, Jonesborough, TN · Builder: Scott Britton Construction (opens in a new tab)
Barndominium · Chuckey, TN
Two home purchases fell through, so they built their own instead.
As first-time buyers, Kay and Eddie used family gift funds for their down payment and built a roughly $331,000 barndominium with one FHA loan.
Read their story
Kay and Eddie came to us as first-time homebuyers hoping to buy an existing home. They went under contract twice but weren't happy with what was available in their price range, so they started looking at building instead. After they found land, their first builder turned out to be unfamiliar with turnkey barndominiums and the draw process a construction loan requires, and eventually backed out. Rather than risk losing the property, they secured a land-only loan to buy it and used the extra time to handle some site prep themselves. They then partnered with Summertown Metals, closed on their FHA one-time-close loan using gift funds from family for the down payment, and have since moved in.
Kay and Eddie W. · FHA one-time-close construction borrowers, Chuckey, TN · Builder: Summertown Metals (opens in a new tab)
Manufactured · Johnson City, TN
Owning her land outright gave her a head start on a smaller loan.
Between land she owned free and clear and some extra cash, Lydia put about 50% down on a roughly $234,000 manufactured home project.
Read their story
Lydia came to us through a referral from a realtor friend, ready to place a new manufactured home on land she already owned free and clear. She chose her home through Preferred Choice Homes of Johnson City, and with strong qualifications, a conventional one-time-close loan was a natural fit. Her land's value went toward the down payment, and she chose to add some of her own cash on top of it, bringing her total down payment to about half the project's value. That left her with a relatively small loan amount and a payment she felt good about.
Lydia M. · Conventional one-time-close construction borrower, Johnson City, TN · Builder: Preferred Choice Homes of Johnson City (opens in a new tab)
Names have been changed to protect client privacy. Loan amounts and details are real but reflect each borrower's individual credit, income, and underwriting circumstances; results aren't typical or guaranteed for every applicant.
