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There are two options when it comes to obtaining construction financing for a new home built on your lot.

Option 1 – EASY BUILD PROGRAMĀ You provide 10% of the cost of new home and lot in either cash or lot equity (If lot is free and clear then 10% of house only). The lot would be conveyed to Builder and your equity (Lot Value minus amount you owe on lot.) in the lot would be a part of the 10% deposit required.

Option 2 – The customer obtains a construction loan for the new build. The lender will typically lend 75-80% of the cost of land and house. So if your lot cost $50,000 and your new home cost $300,000 then the most a lender would typically lend is $280,000. The home owner would be required to have the difference between cost of $350,000 and loan of $280,000 ($70,000) in either cash or equity. The construction lender will also require having the loan secured by a first deed of trust. This means except that if the lot lender and the construction lender are one and the same, the lot loan would have to be paid off by the owner prior to or at construction loan closing. Those funds could come out of the construction loan so long as it conformed to the requirements mentioned above.

For more information on how this would work for you email us or call 636-462-3500

Any “Easy Build” new home deal is predicated on construction lender approval.

CMS Homes LLC is a new home builder specializing in New Homes for sale in Troy MO and New Homes for sale in Lincoln County MO. You are sure to find your special new home in on of our 8 new home subdivisions in Troy MO. and Lincoln County MO. We also can help you buy a new home with no money down or help you with a custom home built on your lot.
If you visit a display home many items displayed are optional upgrades. Please ask the salesperson what items are standard features and which items are optional upgrades which are an additional charge over and above the model base price.
*New home prices and interest rates are subject to change without notice. Advertised square footage may slightly vary as built. New homes pictured may not be available at the lowest advertised price. Advertised monthly payments are based on principal and interest assuming a fixed 30 year term with no money down. Other fees such as taxes, homeowner’s insurance and HOA fees are not included and will result in a greater actual monthly payment amount. 100% financing available through USDA, eligibility requirements do apply.
3D floor plans, interior rendering images and exterior rendering images are intended for illustration purpose only to give you a basic idea of the home layout. Many items shown are not expressed or implied to be included in the base price of any home. This includes but is not limited to cabinetry layout configuration, cabinet trim and accessories,counter tops, flooring, fixtures, equipment, appliances, lighting, colors, interior furnishings, exterior trees, shrubs, driveways, sidewalks, size of lawn and landscaping. Please contact CMS Homes for a specific list of items included and standard features.
Some grass pictured is digitally applied to photo and is not included with home as pictured.