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We know that retirement for you may be 5, 7, or 10 years down the road… you still own your family home, perhaps you have a child in college, but, this may be the best time to build your retirement home. Financing for your dream home may be easier for you now, than when you reach the point of retirement.
As the world of financing changes and evolves, the underwriting guidelines for second homes and retirement homes will change with it. When you are ready to retire, you may have more cash in hand, but, you may have less income to use to qualify for your loan. Even the borrower with an excellent credit score must have the income to qualify for the loan they have applied for.
Consider starting your retirement home plan with buying your lot.
At Scotch Hall Preserve, your can obtain seller financing for as little as a 15% down payment. Once you have owned the property for 12 months you can use the equity in the property towards the down payment for your construction loan. Construction loans are interest only through the entire construction loan period.
With interest only payments, the monthly payment will not be as difficult as you think, since your lot will be paid out of the first draw from your construction loan and you will no longer be making that payment. Once your home is complete, the fixed rate loans that are available are still at historic lows, and may be much more affordable than what the rates may be several years down the road.
Call us for additional information on building your perfect retirement home in lovely natural surroundings, world class golf at your doorstep, the beautiful Albemarle sound at your feet, with all the modern amenities and Southern Hospitality as well!