Construction Loan vs. End Loan
Although many builders require a construction loan, Phillippe Builders is large enough to finance the construction of your home, enabling you to buy the house with an end loan. This advantage simplifies the home building process and is a great source of relief for our clients. After all, building a new home is stressful. No matter how smooth the process is, our clients typically are going through multiple changes at once: selling a home, packing, moving, finding land in a desirable neighborhood, identifying a house model, finish selections, etc. We get it; change makes most people uncomfortable. The team at Phillippe Home Builders does what we can to make the whole process easier for you. Based on feedback from real customers, not having to go through multiple transactions is a relief, and we’re glad we can help.
The Preferred Builder Select Program
As we move into a rising rate environment, purchasing a new construction home for some can be very stressful since the longest anyone can lock-in a rate for is 60 days. In most cases, a single-family home will take anywhere from four to six months to build thus leaving you with few options for rate protection throughout the construction process. Phillippe Builders can help take the stress of rising rates out of the equation with our Preferred Builder Select Program, allowing you to lock in on the current rate with various lock periods ranging from 180 days to 360 days, thus taking the stress out of wondering what the rate will be as closing on your new home approaches. To discuss this program and financing options in further detail, contact Tony Reda, Mortgage Sales Manager, at First Midwest Bank for more details on this exclusive opportunity. (708) 289-9293
USDA Rural Development Single Family Housing Guaranteed Loan Program
The USDA provides a guaranteed loan program to help home buyers afford and finance home purchases. More Information.
Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:
USDA Loan Overview
- 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value plus the loan guarantee fee.
- Flexible credit guidelines. Non-traditional credit histories may be accepted.
- Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
- Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
- Eligible repairs and improvements may be included in the loan.
- Applicants apply with an approved lender of their choice.
- Not limited to first time homebuyers.
Phillippe Builders Preferred Lenders
First Midwest Bank
Assistant Vice Pres. Mortgage Sales Manager, NMLS #404240
Phone: (708) 289-9293
Fax: (708) 263-1161
579 West Lincoln Highway, Merrillville, IN 46410
Guaranteed Rate Randy Travis
Vice President of Mortgage Lending, NMLS ID #263572
Phone: (219) 293-4032
Mobile: (219) 477-9278
8051 Wicker Ave, Suite C, St. John, IN 46373