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.

A Construction Loan works like a line of credit.  You will get a loan that pays for the construction of the new home as it is being built in payments called “Draws”.  For example, the loan might be $300,000.  The first draw would be due after the foundation is poured and that amount is based on a percentage of the total loan amount.  In this example, we will use 10%.  After the foundation is poured, you would then approve the first draw payment in the amount of $30,000 from your lender paid to Precision Homes. 

Once approved and paid, you begin making interest payments on that $30,000 draw.  As more progress is made and more items are completed on the home, the draw amount increases. Once the house is complete, the Construction Loan typically gets refinanced to your permanent mortgage.  This type of loan is the most common among buyers of custom home construction.

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.