Who finances new construction log homes?

Most often it is the local hometown bank. If the local bank isn’t log home payment term, and appraisal, friendly then you should know that Golden Eagle has a program set up with a national lender.

The national lender understands log home packages because of their partnership with Golden Eagle. Their terms have been modified, to be log home friendly, which helps you with the loan process. This national lender accepts the equity in your land to count towards your 20% down and as a bonus, tries extra hard to find suitable comparables in your region when having your plans appraised.

What areas is the national lender currently making loans in?

Arizona Arkansas California Colorado Idaho

Illinois Indiana Iowa Kansas Kentucky

Michigan Minnesota Missouri Montana Nebraska

Nevada North Dakota Ohio Oregon South Dakota

Tennessee Utah Washington Wisconsin Wyoming

When should I speak to a lender?

For most people, they should speak to a lender before they invest in having their home professionally drawn on paper. What you are looking for is a pre-qualification based on a review of your income and expenses, which determines your debt-to-income ratio. This pre-qualification will give you an idea of what you may be able to borrow before the formal mortgage application begins.

What key questions should you ask your local lender?

• Make sure they are providing new construction loans. Have they made any construction loans in the last 3 months? Some lenders have become pretenders since the banking crisis of 2008.
• Ask them if they are accepting of the Golden Eagle payment terms regarding the material package. We can provide you a copy of this information so that the lender has all of the questions answered. If they won’t pay for the materials per our contract terms, then you should look elsewhere.
• Ask them about appraisal fees, rates, terms and if there are any other financing fees associated with getting financing through their company.
• Ask them how long it would take to get financing put together once you begin the process.

How do I get a rough idea regarding cost and what my home will cost to build?

As you are getting your thoughts together regarding size, shape, and amenities, ask Golden Eagle where you’re headed on price. Keep in mind without actual plans, this price is simply an educated guess. Educated guesses can be a great tool for you to help assess the status of your budget. We don’t want you to have any surprises.

How much does it cost to have custom or customized study plans drawn?

Custom study plans are $1.00 per square foot, based on finished living area. Unless you’re finishing off your attached garage or basement, those areas are drawn for free. As a bonus, when you order your Golden Eagle package, you will receive a complete refund on your plans.