Finance Your Dream Home

Precision Homes understands that building a new home can be stressful.  What can be even more stressful is worrying about money.  With our additional “financing” option, there is no need to stress anymore.  In almost every case when you are building a new home, there are two ways to pay; the first being cash.  However, most customers are not able to do this.  The second, and most common way is to get what is called a Construction Loan.  Here at Precision Homes, we offer a third option that we refer to as the Free Finance Program.

When building your dream home, financing is a major step. At Precision Homes, we understand that navigating the world of home loans can be confusing. That’s why we’re here to help you understand the difference between conventional home building loans and construction loans, and the benefits we offer for each.

Conventional Home Building Loans
A conventional home building loan functions much like a traditional mortgage, but with some specific conditions for building on your lot. Here's what you can expect from Precision Homes when opting for a conventional loan:

• Must Own the Land Free & Clear: If you already own the land outright (no outstanding loans on the land itself)
• Pre-Qualification Requirement: You’ll need to get pre-qualified with our preferred lender at the time of contract. This ensures you have the financial approval needed to proceed with building.
• Precision Homes Pays for Construction: One major advantage is that we pay for the entire construction process until your home is completed. This takes the financial pressure off you during the build. All you pay is the $1500 earnest money and the appraisal fee to the lender.

For clients looking for more flexibility and control over their financing, a construction loan might be a better option. With a construction loan, the financing structure is a little different:

• 2% Discount Off the Base Price: If you own your land free and clear, you will receive a 2% discount off the base price of your new home. This can offer significant savings.
• Lock in Your Interest Rate Early: With a construction loan, you lock in your interest rate when you close on the loan—before construction even begins. This provides peace of mind, especially if you’re concerned about rising interest rates.
• Payments on Draws Only: During the building process, you only make payments on the amount of money that has been drawn from the loan to fund construction. This can help keep your payments manageable until the home is complete.
• Free Float Down on Interest Rate: If interest rates drop during construction, you’ll benefit from a "float down" feature. This means that when your loan transitions to a permanent mortgage after the home is complete, you’ll enjoy the lower rate.

With our Free Finance Program, Precision may, at its sole discretion, choose to provide interim financing as a part of the Contract. This means that you do not need a construction loan at all.  This would mean no payments throughout construction and less stress.  During the construction of your new home, Precision pays out of our own pocket. 

To qualify for this program, you must own your land free and clear or owe very little, have an approval from a lending institution, and meet the criteria set forth by Precision Homes.  We have designed this program to take the worry out of the building process.  It allows you to save funds for furniture, landscaping, or anything else you have in mind for your new home.  Should you still owe a large portion of your land, we have capable and knowledgeable lenders we recommend that can help to pay off the balance of the land and roll it into the Construction Loan.

You may be asking how we are able to offer this alternative financing option to our customers.  The answer lies in our proven success since our establishment in 1960. We have the knowledge, experience, and financial strength to weather the ups and downs this business can sometimes bring.  You can rest assured offering this option demonstrates our abilities to consistently succeed in providing a quality product and experience to our customers.  Our mission is to complete your home in a timely manner and create a great experience for you before, during, and after you move into your new Precision Home.  With this program, you will have zero payments during construction and can build your dream home with as little as $1500 earnest money that is applied to the overall purchase price.