For several years, many buyers have relocated to the Williamsburg, Virginia area to build a custom home. For this reason, there are many charming, established neighborhoods that are anything but “cookie cutter”. New waves of buyers are flocking to Williamsburg to build. Though undeveloped residential land is readily available throughout James City County, few lots remain in the established city neighborhoods. Thankfully, the city community of Port Anne has a few remaining lots. This charming community offers many amenities and is conveniently located less than 5 minutes from Colonial Williamsburg and the park roads. Among the undeveloped Port Anne properties is 4 Hague Close. This ¼ acre Williamsburg piece of land is located towards the back of the community. Backing to green space and offering 88’of road frontage, 4 Hague Close is the ideal lot for a custom built home.
Selecting the perfect property and neighborhood is only one facet of the building process. Finding a lending institution that will finance a lot purchase as well as the construction can be a challenge. Fortunately, there is a new Construction Advantage Loan being offered by Atlantic Bay Mortgage.
The Construction Advantage Loan is geared towards well-qualified buyers using a Class-A licensed contractor to build a detached single-family home. This dwelling must serve as the purchaser’s primary residence. As mentioned before, the loan offers financing for both the lot and building construction. For this product, a mere 10% initial payment is necessary.
Perhaps the best feature about this construction/perm loan is its flexibility. For instance, builders have up to 12 months to complete construction. They are paid throughout the construction process via a series of draws. The buyer needn’t worry about fluctuating rates during the construction period; their rate will be fixed with interest only payments. Once construction is completed, the purchases may increase or decrease their loan amount and/or change loan programs. In fact, the end loan can be a conventional, FHA or VA mortgage.
For more details about obtaining a Construction Advantage Loan for 4 Hague Close, please contact: Lauriane VanVoorhees of Atlantic Bay Mortgage at: 757-561-7910. For more details and available floor plans for 4 Hague Close, please contact: Erin Melton of RE/MAX Peninsula at: 757-784-1358 or firstname.lastname@example.org. Erin is a licensed Realtor in the State of Virginia. Each RE/ MAX office is independently owned and operated. The above article is provided for informational purposes only. Erin Melton is not a mortgage lender. Consumers should contact a loan officer directly to learn more about mortgage products and their eligibility for such products.