American Homes has simple and easy financing. We even have programs for credit challenged customers and of course multiple mortgage and retail installment loans.
Frequently Asked Questions
What is a construction loan?
It is a building loan that allows you to finance the cost of the land, site development and your new home together. It allows the cost for the construction to be dispersed as work is completed. The interest rate during the construction period is higher than the final mortgage loan rate.How do I know what I qualify for?
We take a basic application in minutes and can pre-qualify you within 72 hours.What banks do you use?
We have numerous lenders that we utilize. Based on your individual needs, we can find the lender that works the best for you.What are the closing costs?
Depending on your credit history and the nature of the loan product you need, the closing costs are 5% of your final mortgage loan amount and can be added to the loan. Most of these costs can be tax deductible. Please check with your tax preparer for more information.How long does the mortgage process take?
Once you are pre-qualified and collect all the necessary personal documentation, site bids, and finalize the new home plans, the average time frame from application to receiving your commitment letter is approximately 4-6 weeks. Closing is typically 2 weeks later.What is a retail home loan?
A retail or "home only" loan would assist the customer who wants to put a singlewide or doublewide in a park or on private land. There is a minimal amount of paperwork compared to a construction mortgage since it is not secured with the land.