At Madison Homebuilders, we pay standard closing costs for our clients in North Carolina and South Carolina. Learn more here!
While almost all home builders require a down payment to get started, Madison Homebuilders does not, with few exceptions. Madison Homebuilders builds your home on the strength of our company—so under average circumstances there is no need to even apply for a construction loan, saving thousands in construction loan interest. This post is a guide for those who are working with a home builder that requires a construction loan as part of their process and are thinking about using existing land equity to get a loan or line of credit to use as their down payment.
Financing the construction of a new home is a little different than financing the purchase of an existing home. Both can require a down payment and closing costs. The biggest difference between the two is a construction loan may be required when building a new home. Or not!
Madison Homebuilders strives to make building a new home as simple and affordable as possible. This post describes in detail the three largest costs involved in building a new home. The good news is, when you build with Madison Homebuilders, these costs do not apply! Continue reading Down Payments, Construction Loans, and Closing Costs When Building A New Home