Building Fine Homes... For Fine Families... 301 North Michigan Ave, Milford Michigan 48381
Construction Financing
How Do We Finance the Construction?

A Construction-to-End Mortgage Loan covers the cost of construction and then rolls over into a permanent loan. It is also possible to have this type of loan include the cost of your lot.

What Are the Benefits of Construction-to-Permanent Loan?
  • The ownership of the property remains in your name
  • It allows you to lock in your interest rate from the start of construction
  • With just one closing you save time and money
  • During construction you make interest only payments on just the funds that have been disbursed
  • Provides peace of mind with both you and the bank controlling the funds
How Are the Funds Disbursed?
  • The bank disburses money only with your approval
  • Draws are taken upon completion of foundation, roof, drywall, cabinet installation and after a certificate of occupancy has been issued
  • Documentation is provided by the builders that all subcontractors and suppliers have been paid in full for work completed before draw money can be paid
Am I Eligible?
  • If you have not owned a home in the last 3 years, you may qualify for up to $8000 in tax credits
  • If you have owned and lived in the same house for 5 consecutive years during the last 8 years, you may qualify for up to $6500 in tax credits
Are There Limitations?

Yes, there are additional restrictions, limitations and qualifications. Please consult with your tax advisor and visit www.FederalHousingTaxCredit.com to learn more.

How Long Is the Program Extended?

You must contract on your new home by April 30, 2010 and close on the purchase by June 30, 2010. That means that time is of the essence.

Contact Omega Homes For More Information:

Office: 248.685.2020      Mobile: 248.318.6042      Email: information@omegahomesofmi.com      Online: Submit Inquiry