Financing is an integral step in your new home journey and Wiseman’s preferred lenders are here to assist you along the way! We have partnered with Regions and TDECU to provide a convenient single-close construction-to-permanent loan for all Wiseman homebuyers. Both lenders offer competitive rates, excellent one-on-one service, homebuyer credits, and more. Plus, our established relationship with these lenders means open lines of communication between our Team and theirs which keeps the loan processing moving forward!
Please note that closing your construction loan will take place prior to construction. Once the home is complete, your construction loan will then convert to a permanent mortgage.
Stage 1: Prequalify | Contract Execution
– Prequalify for a single-close construction loan with Regions or TDECU
– Execute a builder contract with Wiseman Homes
– Submit 1% earnest money to title (Refundable up to start of construction. Credited at closing.)
– Submit $10,000 non-refundable deposit to Wiseman Homes (Credited at closing)
Stage 2: Loan Preparation | Plan Preparation & Permits (30-45 Days)
– Wiseman’s architect will prepare the official plan set for your new home
– Wiseman will then submit the official plan set to the City for permit review and approval
– Buyer(s) will continue to work with their Regions or TDECU loan officer to complete the loan approval process
– Buyer(s) will make new home selections with a Wiseman representative
Stage 3: Loan Approval | Closing (30-45 Days)
– Buyer(s) will receive final loan approval from the lender
– Buyer(s) will close on the construction loan
Stage 4: Construction (180-240 Days)
– Construction commences (pending permit approval from the City)
– Loan funds disbursed based on predetermined draw schedule (buyer to pay interest-only on draws disbursed)
Stage 5: Construction Loan Conversion
– Appraiser confirms construction has been completed according to the plans and specs
– Buyer(s) sign final legal documents to convert the construction loan to a permanent mortgage
– Buyer(s) receive keys to their new home
• Construction-to-permanent Loan
• 90% LTV
• 1% origination fee waived
• Competitive rates with the ability to lock upfront
• Interest rate during construction will be the same as NOTE Rate
• Low interest-only payments during construction
• Low closing costs
• Close prior to construction
• One closing
• One-on-one service
Contact Colleen Dill at (832) 205-2015
colleen.dill@regions.com
• Construction-to-permanent Loan
• 90% LTV
• 1% lender credit
• Competitive rates with the ability to lock upfront
• Low interest-only payments during construction
• Low closing costs
• Close prior to construction
• One closing
• One-on-one service
Contact Dack Vanorden at (713) 865-6499
dvanorden@tdecu.org